A new company that lets people mine cryptocurrencies through a subscription service has announced plans to list on the London Stock Exchange, a first for the exchange.
Argo Blockchain said in a statement on Monday it hopes to raise £20 million in the listing and expects to be valued at around £40 million. Argo says it will be the first crypto-mining company to join London’s stock market.
The company was set up last year to provide what it calls “mining-as-a-service.” The subscription-based service allows consumers to mine cryptocurrencies through their smartphones and computers through Argo’s website.
Mining is the process through which new cryptocurrencies are created. Computers complete complex cryptographic tasks, which help to process crypto transactions, and are rewarded for their work with newly minted digital coins.