June 12, 2018

Crypto Mining Firm Argo Set to Become London Stock Exchange’s First Blockchain Listing

Cryptocurrency mining outfit Argo Blockchain will likely become the first blockchain company to list on the London Stock Exchange (LSE), Business Insider reported June 11.

After launching its subscription service for mining contracts the same day, the company says it plans to hold an IPO, following a $2.5 mln funding round it completed in January of this year.

The LSE has generally remained a more traditional environment when it comes to blockchain offerings.

While Coinsilium launched the UK’s first cryptocurrency-related IPO on London's junior stock market AIM in 2015, the U.S. has stolen the spotlight more recently. Last month, New York Stock Exchange (NYSE) operator Intercontinental Exchange revealed its plans to allow clients to buy and hold Bitcoin (BTC).

Argo says it aspires to “democratize” the mining landscape for four altcoins – Bitcoin Gold, Ethereum, Ethereum Classic and Zcash – by renting computing power from an eco-friendly facility located in Quebec.

“More than 90 per cent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do,” Argo co-founder Jonathan Bixby told Financial Times June 9, adding:

“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.”

Cryptocurrency mining is facing mixed reviews from regulators in jurisdictions offering power cheap enough to sustain bitcoin-focused business models. Quebec is no exception, with authorities visibly critical of plans for bitcoin mining businesses to set up shop and last week halting applications altogether.

Published at Tue, 12 Jun 2018 15:34:10 +0000

Blockchain

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Macron And Le Pen Move To The 2nd Round: What Happens Next, According To Goldman And Citi

zerohedge.com / by Tyler Durden / Apr 23, 2017 5:11 PM

Most of the results are in, and while it remains close, Macron will likely be the winner of the first French presidential round and is set to face Marine Le Pen in the runoff.

What does that mean for various asset markets and the bigger macro picture? Here are two forecasts, just released from Goldman and Citi.

First, Goldman Sachs:

Emmanuel Macron will face Marine Le Pen in the run-off of the Presidential election on May 7, according to exit polls. We maintain our view that mainstream candidate Mr. Macron will likely win the French Presidential election.
- In the two week-period before the run-off, both Mr. Macron and Ms. Le Pen will resume their campaign. A televised debate between both candidates will be held on May 3 (9pm Paris time).
- Polls carried out prior to the outcome of the first round indicate that Mr. Macron has a 25pp lead over Mr. Le Pen. Reflecting France’s political realignment between mainstream pro-European and populist Eurosceptic voters, we expect the gap in polls between Mr. Macron and Ms. Le Pen to widen in favour of Mr. Macron in the run-up to the second round.
- We expect the ECB to maintain its existing refinancing facilities (namely the fixed-rate full allotment (FRFA) and the emergency liquidity provision (ELA) via the Bank of France) in the coming weeks, to sustain market functioning and continuity of pricing in the systematically relevant market segments. In the face of a politically-induced spread widening, this is also likely to be accommodated through its asset-purchase programmes, as long as it proves to be temporary.