The London Stock Exchange (LSE) has listed a blockchain company for the first time. Argo Blockchain, a company that provides cryptocurrency mining services, is planning an initial public offering (IPO) on the LSE.
According to a June 11 Business Insider report, Argo Blockchain aims to use the “profile, credibility and access to global capital” provided by the LSE to raise 20 million pounds ($26.7 million) to fund expansion plans. Argo expects to be valued at around 40 million pounds ($53.4 million).
Argo enables its clients to join mining pools to mine new blocks for four cryptocurrencies: Bitcoin Gold, Ethereum, Ethereum Classic, and ZCash. The London-based firm allows customers to mine crypto with smartphones and computers for $25 per month but also rents out a mining facility located in the Canadian mining hub of Quebec.
The first blockchain company IPO in the UK was conducted by Coinsilium in 2015, on London's junior stock market AIM. However, blockchain companies are much more active in US financial markets. US cryptocurrency wallet and exchange company Coinbase announced plans last week to offer cryptocurrency securities, including an exchange-traded fund (ETF).