Author: Annebeth W, United Kingdom
First cryptocurrency organisation to list on London Stock Exchange
There are solid rumours being heard that the London Stock Exchange (LSE) will be listing its first blockchain firm this week.
According to multiple reports, Argo Blockchain, a UK-Canadian company, is planning to list on LSE, which will be the first ever cryptocurrency firm on there.
Argo, which looks to democratize the crypto-mining process, went public two weeks ago after receiving approval from the UK Listing Authority and is now going for LSE.
Argo is a relatively small business with only about twenty staff with offices in London and Quebec.
In an interview with the Financial Times last week, Argo Co-founder Jonathan Bixby, stated it wants to become the “Amazon Web Services of crypto”, making crypto-mining less expensive and easily available to the masses.
Crypto mining has been under scrutiny for its negative impact on the environment as it costs masses of energy. Last month, reports stated that bitcoin mining cost about the same amount of electricity used to power Ireland in the last year.
Only yesterday, Apple announced a ban on crypto mining from its iOS and Mac App Stores. The company stated on its websitein the most recently App Store Review Guidelines, which has a sole section for cryptocurrency, that: “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
However, Argo said they won’t be using any ‘dirty power’ and are looking to host its crypto data centres in countries, such as Iceland and China, where renewable power is less expensive, and climates are more favourable of keeping the centres cooler. Furthermore, the company vows to only use renewable power sourced by hydro or solar.
Through the listing on LSE Argo hopes to raise £20 million in funds to be used to further expand its business globally, with their main focus on Europe, North America and Australia.