London Stock Exchange Plans to List First Cryptocurrency Firm, Argo Blockchain

London Stock Exchange Plans to List First Cryptocurrency Firm, Argo Blockchain
Jun 12, 2018 01:33 PM By: Ben Noble | 4874 Views

The cryptocurrency sector, which was beginning seen as a separate ecosystem from the financial industry, is regularly gaining trust and recognition from the mainstream. London Stock Exchange, one of the adored stock exchange in the world has supported the listing of stocks of Argo Blockchain and working to be the first crypto company to get enrolled in the exchange.

Argo Blockchain has gained approval to go public from the UK Listing Authority, some two weeks ago. In a statement to Business Insider, Jonathan Bixby, one of the co-founders and including the Executive Chairman of Argo replied:

“The firm chose London’s exchange considering the city’s role as a global hub for financial technology. A London stock market listing will give Argo with the profile, reliability, and access to global capital to accelerate our growth and help us build a leadership position in the long term,”

Argo Blockchain is a cloud-based cryptocurrency mining firm that operates on the subscription-based model and began its operation last year only. The company was established to help out individuals with mining cryptocurrencies as the responsibility level has increased due to the involvement of ASICs and big mining players. The company’s performance is based in Quebec, Canada and has programs to expand to Iceland and China.

Argo Blockchain currently offers to mine in four cryptocurrencies including Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash and is produced by the firm remotely on its digging rigs.

Jonathan Bixby, while commenting to Financial Times announced that the startup is intended to make crypto mining available as mass-market service preferably of only to select few who can provide high-performance servers and electricity needed.

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“More than 90 percent of crypto-mining is done by elites on an industrial scale because it is technically tough to do. It is especially expensive to buy, up front, the hardware you require at $5,000 a machine. We want to be the Amazon Web Services of crypto.” 

Argo is intending to charge $25 or £18 a month for the mining activity and is not planning to create a separate mining pool and will remain with the existing one. And, also Argo will not hold any tokens for its consumers and will define one contract at a time for each customer. Beginning this year, it had earned an investment of $2.5 million from private investors.

#London stock exchange #Crypto news #Blockchain #Argo blockchain

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