London Stock Exchange Gets A Boost As Crypto Firm’s First IPO Raises $32.5 Million

By Dmitriy

BTC Wires: Argo Mining becomes the first company, in the crypto mining ambit, to be listed at the London Stock Exchange (LSE). It has raised a whopping £25 million (over $30 million), which is £5 million more than what it had targeted for itself.

The company is likely to break ground for both British crypto and institutional involvement of blockchain startups. According to the executive chairman of Argo Mining, Jonathan Bixby, the admission of the company into the London’s main market is the major step that will put them in a strong position for the execution of their long-term growth strategy. He further added that there is a strong response from the investors which is very delighting as it motivates and enables them to grow their business with multiple jurisdictions.

The company released its crypto mining subscription service in the month of June, prior to which, it gained approval from UK Listing Authority in May to be listed on the exchange. As per the company’s website, the consumers have been offered with three packages in which the provided mining power capacity is differentiated. The currently supported ones are ETH, ZEC, BTG and ETC. All of these packages have already been sold.

The co-founder of Argo, Mike Edward has said that setting up a computer rig, which mines the cryptocurrency, can be challenging as it is quite expensive and inefficient. He has also agreed upon the idea that crypto-mining can become a mainstream consumer activity once democratised. The accesses are already popular in China where people are allowed to share computer power for the crypto-mining together, with the help of services such as Antpool and BTC.com.

Edwards is a serial tech investor. He has also backed businesses which have been sold to Google, Twitter and Yahoo.