In becoming the first crypto firm on the London Stock Exchange (LSE) list, the Argo blockchain being a company focusing on crypto mining plans to be the first one.
In the previous month, Argo became public by the UK Listing Authority’s permission. To raise 20 million pounds in the listing, the company is hoping to reach 40 million pounds in the valuation.
Being founded for its mining services in 2017, it borrows its power go compute by a monthly subscription where users could gather cryptocurrencies by a special platform which can be assessed through an easy manner by smartphones and computers. Now, the company holds no revenue.
Cryptocurrency mining is a way of creating new coins as they are rewarded to miners for maintaining a blockchain network and validating current transactions. Often times, mining is referred to as a kind of profit maker approach than trading.
“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,” said Mike Edwards, Argo co-founder.
Other mining pools also offer the same service of allowing users to be provided with a computing power for the process. But for Argo, an amount of 18 pounds or $25 is paid each month to gain a benefit from each pool.
Argo allows other companies such as Bitcoingold, Ethereum, Ethereum Classic and Zcash to mine cryptocurriencies, with now 20 employees centered in Quebec, Canada as it plans to proceed to Iceland and China as well.
“A stock market listing in London will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” said Jonathan Bixby, executive chairman of Argo.
Others would define LSE as something that makes a controversy for cryptocurrencies being associated with the act of laundering money due to the pollution associated with mining.