Crypto Cloud Miner Receives Permission to be Listed on the London Stock Exchange
Argo, a cloud miner that is yet not so known and has not even fully launched, has already received a permission to be listed on the London Stock Exchange. The company has received the information from the UK Listing Authority.
The First Crypto IPO?
The main plan of the company is to raise £20 million at a valuation of £40 million after receiving $2.5 million dollars from private investors at the beginning of the year.
According to Jonathan Bixby, co-founder of Argo, 90% of cryptocurrency mining activities are performed by elites on industrial scale because it is very difficult to do it. He explained that it is very expensive to buy, setup and install all the hardware needed to mine cryptos. The plan of the company is to become the ‘Amazon Web Services of Crypto.’
Argo will offer a monthly subscription for mining power, that will be charging $25 dollars per month. At the same time, they will be limiting it to only one contract per user for mining Bitcoin Gold, Ethereum, Ethereum Classic and Zcash.
This is very similar to what Genesis Mining is doing. Argos is able to offer the user a monthly service for a fixed rate for which the user will be receiving x amount of coins according to the hashrate allocated.
At the moment, the company has a mining datacenter in Vancouver, Canada and they are planning to open two new facilities, one located in Iceland and another one in China, so as to benefit from cold temperatures and cheap electricity.
Mike Edwards, co-founder of Argo, commented:
“Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratise the process so that crypto-mining could become a mainstream consumer activity.”
After receiving permission from the UK Listing Authority, it could be the first crypto-related business to IPO. Apparently, London has been chosen because it is a global financial hub for financial technology and other similar industries. At the same time, the regulators in the country are a lot more accommodative towards crypto and blockchain related businesses.
In the United States, regulators are taking a more restrictive approach towards virtual currencies and Initial Coin Offerings, which was one of the main reasons why they did not decided to settle their operations in the US.