London Stock Exchange has reportedly approved the listing of a new company – Argo Blockchain. The company provides remote mining services via subscription with a monthly payment.
Considering that LSE is one of the oldest stock exchanges in the world, entering of the first crypto company is definitely a big event for the whole sector. Despite the strong resistance of the traditional financial institutions, the crypto segment becomes increasingly popular.
Two weeks ago, Argo Blockchain got greenlight for placing shares and consequently holding IPO to generate GBP 20 million ($26.8 million), as reported Business Insider.
"Argo Blockchain hopes to raise £20 million in the listing and expects to be valued at around £40 million. Argo says it will be the first crypto-mining company to join London's stock market," according to the statement.
The company was found in 2017 and intends to help individuals to join mining community and start "extracting" coins. Its services are located in Quebec. The company noted that the mining sector is expanding at a high pace, while more complicated processes requiring more powerful capacities for effective operations leave no chance for ordinary users to start crypto mining. Thus, they are striving to make mining available for mass market and not only for those who can buy expensive capacities as it happens now.
"Mining is controlled by an elite. We don’t think that is reasonable and we think it is an impediment to scaling crypto. Our business is 100% about democratising the process," commented executive chairman at Argo Blockchain.