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Argo Blockchain diversifies away from mining; to explore metaverse, DeFi, NFTs

Published 19/01/2022, 09:58
© Reuters.

By Samuel Indyk – Argo Blockchain (LON:ARB) has announced an update on its Argo Labs innovation division, established to identify opportunities within the cryptocurrency ecosystem while supporting the decentralisation of various blockchain protocols. The company said it was allocating 10% of its cryptocurrency assets into Argo Labs.

The London-listed crypto miner said Argo Labs is primarily focussed on two key areas: network diversification participation and strategic diversification through the deployment of the company’s crypto treasury assets.

Network Participation

Network participation consists of providing infrastructure support, running nodes and validators and staking innovative projects

Deployment of crypto treasury assets

Efficient deployment of the company’s crypto treasury assets includes, among other things, supporting early-stage projects and participating in decentralised finance (DeFi), as well as non-fungible tokens (NFTs), and the metaverse ecosystem.

“Argo has long been a supporter of the proliferation of crypto and blockchain technology,” Argo Blockchain CEO Peter Wall said. “Argo Labs gives us the opportunity to integrate cryptocurrencies into existing financial infrastructure, gain exposure to the wider digital asset ecosystem, and provide long-term value to our shareholders.”

The company announced that Vakeesan Mahalingam will take over as head of Argo Labs. Mahalingam has over eight years of experience in the investment industry, including working with cryptocurrency start-ups.

“Our vision at Argo Labs is to support the Company's mining efforts by engaging with the disruptive and innovative sectors of the crypto ecosystem,” Mahalingam said. “We are committed to growing all facets of this industry, and look forward to spearheading this effort alongside my talented colleagues.”

At 09:50GMT, shares in Argo Blockchain were trading higher by 1.2% at 83.00 pence per share.

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