According to the London Stock Exchange reports, Argo Blockchain, a mining service provider, announced its intention to sell shares of its common stock to raise £20 million from an Initial Public Offering [IPO]. The company is expected to be valued at £40 million by the end of the flotation.
Argo claims that it will offer a simple to-utilize benefit for standard purchases. The startup ensures that clients won’t require specialized learning or any extra equipment as the mining administration will be accessible for PCs and cell phones.
Argo Blockchain was established a year ago and went live on June 11st, 2018. Right now, it offers four diverse altcoins to be mined — Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash. The organization is likely to assemble a data centre administration business to help different altcoins. Argo will be targeting Europe, North America, and Australia as its primary markets. Its mining-as-a-service offering helps users in utilizing spare computer and mobile processing power and mine cryptocurrencies.
The organization tries to repeat the plan of action of Iceland based Genesis Mining that began the MaaS offering three years back and gloated of 2 million clients. It charges $179 to $3,975 for a three-year contract with a waitlist of six to eight months.
While speaking with Business Insider, co-founder and executive chair of Argo, Jonathan Bixby said:
“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.”
In attempts to stay ahead of rivals, ARGO has planned to rush its launch of IPO on U.K. stock exchange listing. This is a step towards the involvement of crypto market into the stock market.