Argo Blockchain, a cryptocurrency mining startup will become the first crypto-industry firm to be listed on the London Stock Exchange. The ‘mining-as-a-service’ provider plans to sell shares of common stock in order to raise £20 million from an IPO or Initial Public Offering.
By the end of the sale, the company is expected to be valued at £40 million and will be marked as the first cryptocurrency company to join the exchange.
Argo claims that their service will be easy to use for all mainstream customers. Users wouldn’t require complex technical hardware or knowledge to use the mining service and the service can be availed on both computers and smartphones.
According to the announcement, Vela Technologies has already subscribed for 2.5 million shares at £0.08/share and has a consideration of £200.000. During the time, Argo could raise £2.5 million on a pre-money valuation of £8 million.
Four different altcoins can be mined now using Argo Blockchain – Bitcoin Gold, Zcash, Ethereum and Ethereum Classic. In future, the company hopes to support other altcoins as well.
The management at Argo Blockchain said that there is high demand for an accessible platform for a normal user to mine cryptocurrencies. The firm hopes to help any user break into cryptocurrency mining without prior knowledge or investment.
Jonathan Bixby, co-founder of Argo says –
“We have launched this service to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.”
Agreeing to this, co-founder Mike Edwards adds –
“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.”
The users can select the cryptocurrency they want to mine and also learn how to store the generated coins. Argo Blochchain’s founders were reportedly inspired by services like Netflix and Amazon Web Service. The company was founded last year and has been live since June 11 this year. Operations have already started in Canada and China and the founders hope for a global presence.