The Argo mining company Blockchain announced that it has received the consent of the London stock exchange (LSE) for an initial public offering (IPO). Argo claim that will be the first cryptocurrency firm, traded on the LSE.
The company hopes to raise through the sale of shares on the stock exchange £20 million ($26.7 million), and expects that the market valuation of Argo will reach £40 million ($53.4 million).
Argo Blockchain specializiruetsya on cloud mining on a subscription basis. Customers for production on their own computers and smartphones via the Argo website are offered: Gold, Bitcoin, Ethereum, Ethereum Classic and zcash for. The business the company began last year amid rising difficulty of mining due to the emergence of the industry a large number of ASICS miners and big players. Production capacity Argo Blockchain are in the province of Quebec in Canada — one of world centers of mining.
One of the founders of the British company — Mike Edwards (Mike Edwards) explained that mining cryptocurrencies began to demand ever-increasing computing power:
“Creating a computer setup for mining cryptocurrency — complex, ineffective and costly idea. I knew that we needed to change the game and to democratize the process, to mining cryptocurrencies could become the main consumer activities.”
The company intends to establish a fixed fee for clients of £18 ($25) for access to its mining pools. To store cryptocurrency to customers the company has no plans and will limit the number of contracts for a single user.
Jonathan Bixby (Jonathan Bixby), another founder of Argo Blockchain, believes that the IPO exchange will help the company to reach a leading position in the industry:
“Listing on the London stock market will provide Argo status, trust and access to global capital, to encourage our growth and help us to achieve leadership in the long term.”
We will remind, earlier it became known that the largest equipment manufacturers for any mining company — the Chinese company Bitmain and Canaan — will hold an IPO on the Hong Kong stock exchange.