Cryptocurrency mining outfit Argo Blockchain is set to become the first blockchain company to list on the London Stock Exchange (LSE).
This is according to report seen on the Business Insider.
After introducing its subscription service for mining contracts on the very same day, Argo Blockchain declared that it plans to hold an IPO, after a $2.5 million funding round it concluded in January of this year.
The LSE has generally kept a more conventional environment when it comes to blockchain offerings.
While Coinsilium introduced the UK’s first cryptocurrency-related IPO on London’s junior stock market AIM back in 2015, the United States has gotten the spotlight of late. Last month, New York Stock Exchange (NYSE) operator Intercontinental Exchange revealed its plans to allow clients to buy and hold Bitcoin (BTC).
Argo claims that it aspires to “democratize” the mining landscape for four different alt coins. These are Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. It is claiming that it can do that by renting computing power from an eco-friendly facility located in Quebec.
“More than 90 per cent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do,” said Argo co-founder Jonathan Bixby.
“It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine. We want to be the Amazon Web Services of crypto.”
Cryptocurrency mining is up against some diverse reviews from regulators in jurisdictions providing power cheap enough to withstand Bitcoin-focused business models. Quebec is no exception, with authorities clearly being critical of plans for Bitcoin mining businesses to operate and last week putting a stop to applications altogether.
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