Wants to “democratise” the crypto-mining process
A company with zero revenues, a handful of staff and Canadian roots plans to become the first cryptocurrency group to list on the London Stock Exchange, seeking to cash in on surging demand for new virtual currencies. Argo, which won approval to go public from the UK Listing Authority two weeks ago, wants to “democratise” the crypto-mining process by which new virtual coins are created by renting out its specialist computing capacity for a monthly fee.
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Controversial Listing?
The listing could be controversial because cryptocurrencies have been criticised over their links to crime and fraud, while the mining process has been accused of damaging the environment. Miners create new virtual coins by solving complex maths problems to validate new transactions. The reliance on raw computing power makes the energy-hungry process more akin to industrial manufacturing than traditional, high-technology businesses. Jonathan Bixby, the Canadian technology entrepreneur who co-founded Argo, said it had chosen to list in London because of the city’s role as a global hub for financial technology and the cachet it would add to its brand.
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Read full post: https://www.ft.com/content/a909f04a-6b6c-11e8-8cf3-0c230fa67aec
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