Cryptocurrency mining firm, Argo Blockchain Plc., has become the first crypto firm to join the London Stock Exchange (LSE), after raising around $32 million for a total valuation of about $61 million, according to a recent report by The Telegraph.
The London-based firm offers prospective customers the capacity to mine four popular cryptocurrencies namely: Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash (ZEC) through their own personal computers or mobile devices for a monthly subscription fee. The service provides uninterrupted access to the firm’s mining rigs and enables direct deposits of all mined coins to the users’ personal digital wallets.
As seen in the initial admission document from the London Stock Exchange, a total of 156,250,000 ordinary shares which is representing 53.2% of the share capital issued by the company on admission have been placed at 16 pence per share, valuing Argo at a market capitalization of 47 million pounds (which is around $61 million).
The report notes that the company has been able to amass a sum of 25 million pounds (about $32 million), with registered shareholders including Henderson Global Investors, Miton Capital, and Jupiter Asset Management, the Telegraph writes.
Co-founder of Argo, Jonathan Bixby, told The Telegraph that Argo’s mining subscription system was primarily designed to help in participating in the most prominent new technological innovation since the introduction of the internet.
Argo Blockchain Plc. is a digital currency mining company founded in late 2017 aims to build a reputable international data center management business for assisting specifically in crypto mining as a service (MaaS), which would be made available to anyone in the world just as the company’s London Stock Exchange document states.
On June 11, the platform launched and all of the subscription packages were sold out at the moment, according to Argo’s website. Their initial admission notes further that the company will reserve its right to be able to add and remove virtual currencies from its offerings perhaps in the future.
Prior this week, the second biggest Bitcoin mining equipment maker on the planet, Canaan Creative, presented the “first ever” crypto mining TV with a processing speed of 2.8 trillion hashes for every second.
Anonymous sources uncovered that crypto mining equipment firm, Bitmain, is apparently intending to conduct initial private offering (IPO) “very soon,” after making a net profit of about $1 billion in the first quarter of 2018.
The listing of Argo Blockchain on the London Stock Exchange as the first crypto company ever on the platform is another progressive record in the history of Blockchain technology. The technology is proving to be one that has indeed come to stay.