Blockchain

Argo Blockchain raises $32.5M on London IPO

Argo Blockchain raises $32.5M on London IPO

Cryptocurrency mining firm Argo Blockchain is the first and the only company in the industry which will be listed on the London Stock Exchange (LSE), raising about £25 million ($32.5 million) via the Initial Coin Exchange (IPO).

Argo Blockchain is basically a London-based company which allows customers to mine four cryptocurrencies – Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash using their own computers or mobile devices for a monthly subscription fee. The service enables user’s direct access to the firm’s mining rigs and also allows instant deposits of all the mined coins into the user’s digital wallet.

As per the initial admission document from LSE, Argo made a total of 156million ordinary shares, which represents 53.2 percent of the firm’s issued share capital. At the 16 pence per share, Argo received a total share evaluation of £47 million ($61.2 million).

As per the reports, the firm has raised 25 million pounds (about $32million) with listed shareholders along with Milton Capital, Henderson Global Investors, and Jupiter Asset Management.

What is the main purpose of Argo Blockchain?

Argo’s initial plan as disclosed last month was to raise £20 million in the listing and reach to the total valuation of £40 million. As per the new document released on Friday, the firm’s next goal is to boost the public profile and continuously come up with new funds useful for Argo’s expansion and long-term growth. Jonathan Bixby, who is CEO and Co-Founder of Argo said,
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Argo was established way back in December 2017. Their main goal is to provide cryptocurrency mining services through the subscription-based model to anyone in the world. Argo won its approval from the UK Listing Authority in May and then released its subscription-based platform in June.

The platform was finally launched on June 11, 2018, and presently all the subscription-based model are sold out as per its website. Argo’s initial admission notes that the firm will be able to add as well as remove cryptocurrencies from its offerings in the near future.

Bixby also said in an Interview that Argo desired to be “the Amazon Web Services of crypto.” He stated that “More than 90 percent of crypto mining is done by elites on the industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”

Bitmain is planning to launch ICO

As per rumors, top Crypto-Mining firm, Bitmain will be launching Pre-ICO and consider going public. Also, two well-known Chinese mining hardware makers, which include Canaan Creative and Ebang Communication have already filed IPO applications under the Hong Kong Stock Exchange.

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