Argo Blockchain seems to be ready to enter the London Stock Exchange.
The London Stock Exchange may see its first listing of a blockchain company this week. The British-Canadian firm Argo Blockchain has announced its plans to be listed on the LSE for what is believed to be its first time. The company, which offers mining cryptocurrencies through a monthly subscription service, expects to raise £ 20 million on the list and expects to be valued at around £ 40 million.
Argo only got the approval from the UK Listing Authority to make its IPO two weeks ago, and it has only a small global team of 20 employees.
Argo founder Jonathan Bixby told the Financial Times:
“More than 90 per cent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do (…) It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine. We want to be the Amazon Web Services of crypto.”
However, Bixby hopes that his company can help popularize and democratize mining among the masses.
Most of the crypto-related companies tend to create Initial Coin Offerings rather than IPOs. ICOs have been lately analyzed by regulators from different countries to understand whether the coins they issue are or not securities.