Reportedly, a crypto mining start-up is making history by becoming the maiden industry to be listed on the London Stock Exchange.
Mining-as-a-service provider, Argo Blockchain, revealed its plans to conduct an Initial Public Offering or IPO to sell shares of a common stock to generate 20 million pounds. The London Stock Exchange stated that the firm would probably be valued at 40 million pounds making it the first crypto project joining the exchange.
The blockchain start-up claimed that it would provide a user-friendly experience to its mainstream clients. It is offering services to even those investors who do not possess any technical or hardware knowledge by making it available on both computers and smartphones.
It was also announced that Vela Technologies had bought 2.5 million shares at 0.08 pounds per share for a consideration of 200.000 pounds. The company was able to raise 2.5 million pounds on a pre-money valuation of £8 million.
Founded in 2017, Argo Blockchain started functioning from June 11, 2018. Right now, it is providing four digital currencies to be mined- ethereum, ethereum classic, bitcoin, and Zcash. In order to support other altcoins, the management has planned to establish a data center management business to assist other virtual currencies.
Its representatives said that there is extensive demand for a simple platform that allows an average user to mine cyber coins. They added that everybody should be allowed to enter the crypto mining industry irrespective of their investment limits.
As per clients, the service allows its users to choose their favorite digital currency to mine and the mining pool they want to get associated with plus the way their coins are stored. Argo’s subscription model hints that the founders took inspiration from Amazon and Netflix for their framework’s development.
Argo has started functioning in China and Canada to expand its presence on the global platform. According to Co-founders Mike Edwards and Jonathan Bixby, there should be an affordable platform that caters to the need of a novice miner.
Bixby stated, “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.”
Similarly, Edward said, “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.”
It should be noted that enrolment in a stock exchange has given huge popularity to the small company. For two days it has been part of headlines which is sure to make head turns and push interested individuals to try out a new service. Now, it totally depends on Argo’s capability to ash in the initial success. An easy to mine interface will make it an instant hit, but a single negative feature will kill its momentum.
Recently, popular smartphone producer, Apple, has banned every application form their App Store that deals in cryptocurrencies. It is hoped that the firm has come up with a technology which safeguards the interests of users more than their greed.