Tech 14 June 2018Ed Drake
Crypto miner Argo poised for landmark London Stock Exchange listing
Cryptocurrency mining firm Argo Blockchain is set to become the first company of its kind to list on the London Stock Exchange, according to reports emerging this week.
The move, first reported in Business Insider, would represent a sea of change for the London Stock Exchange, which has thus far proved one of the more conservative exchanges when it comes to cryptocurrency businesses.
Aside from Coinsilium, which launched on the secondary AIM market back in 2015, London has thus far yet to produce a cryptocurrency IPO, with the U.S. far outstripping London as the destination of choice for businesses in the crypto space.
Indeed, in the last few weeks, the New York Stock Exchange unveiled plans that could allow investors to buy and sell cryptocurrencies, including SegWit BTC coin.
Following the launch of a new subscription-based service for cryptocurrency mining contracts, Argo announced its plans to hold an IPO, just months after raising over $2.5 million as part of its latest funding round.
Argo has said the move will enable greater “democratization” in the mining space, wrestling control of mining from a few industrial-sized players, and diversifying the network across a greater pool of miners. By renting out computing power as part of their subscription model, the firm aims to influence mining primarily in Ethereum, Ethereum Classic, Zcash and BTC Gold, from its purpose-designed facility in Quebec.
The firm’s co-founder, Jonathan Bixby said that the serviced aimed to level the playing field in cryptocurrency mining, noting that “more than 90 percent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do.”
Assuming it goes ahead as planned, the listing will be a significant milestone in the journey of the cryptocurrency sector, as a mining company opens to trade on the chief London Stock Exchange for the first time.
While the mining industry still faces challenges, including from regulators and governments worldwide, the success of businesses like Argo Blockchain could provide a blueprint for more blockchain businesses to follow the same path in future.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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