Leading the way
With the blockchain industry in a period of massive expansion, Argo’s approval for listing paves the way for more blockchain-based firms to follow suit. This move is indeed a testament to the cryptocurrency sector shedding its reputation of exclusivity.
London’s role on the international stage as a global hub for financial technology is what attracted Argo to pursue a place on the city’s stock exchange in particular. “A London stock market listing will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” co-founder of Argo Jonathan Bixby said.
The firm is looking to raise USD 20 million, with a valuation target of USD 40 million.
London-headquartered firm Argo works on a subscription-based model, with its cryptocurrency mining operations based in Quebec, Canada, active since last year. This has become a popular location for mining farms due to optimal climate and energy cost conditions. Argo has plans to expand operations to Iceland and China, both of which benefit from cheap electricity costs and a cold climate.
The firm provides clients with the ability to mine Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash remotely via its own mining rigs. Argo plans to charge customers USD 25 a month for access to the mining facilities. No separate mining pools are planned for development, nor will Argo act as an online wallet to store any of the cryptocurrencies mined. Customers are limited to one contract each.
Speaking to Business Insider, Mike Edwards, co-founder of Argo, noted: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.”
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