Argo Mining, a cryptocurrency mining firm, has raised funds worth 224 crore INR or 25 million pounds through an IPO (Initial public offering). The step marks a positive development for this UK-based company.
A mining services provider based in the United Kingdom called Argo Mining has the distinction of being the maiden cryptocurrency business to feature in the list of the London Stock Exchange. It got an overwhelming response since it raised about 5 million pounds more than its initial expectations.
The entry of Argo in the London Stock Exchange is a big step in the development of the company according to the company’s Executive Chairman, Jonathan Bixby. He feels the move will secure the company’s position to execute its growth strategy in the long-term.
Bixby added that they were delighted with the kind of positive response they received from the investors. He feels the response will enable his company to diversify in a variety of jurisdictions in the coming days.
156,250,000 ordinary shares were offered at sixteen pence each by this cryptocurrency mining company. According to the London Stock Exchange, this was a significantly oversubscribed placing at a market cap of forty-seven million pounds.
Background Of Argo Mining
It was in December last year when the company was incorporated. However, the firm began its services in June 2018. Argo offers cryptocurrency mining services at any place in the world, to anyone, and at any scale.
According to a report published in Moneycontrol.com, the company has entered into the crypto space with 4 prominent digital currencies – Bitcoin Gold, Zcash, Ethereum Classic, and Ethereum. The firm revealed that its system enables the users to manage and configure the cryptocurrency according to their mining preferences, how they would prefer to store the coins generated, and the mining pool they want to contribute to.
Argo Mining has no intention to provide any kind of cryptocurrency custody service as on date. Hence, the users will have to bear the responsibility for the security and storage of their digital currencies.
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