Argo Blockchain Provides Update on Argo Labs

Time:2022-01-21 Source: 749 views Trending Copy share

LONDON--(BUSINESS WIRE)--Argo Blockchain Plc (LSE: ARB; NASDAQ: ARBK), (“Argo” or the “Company”), a global leader in cryptocurrency mining, is pleased to announce an update on Argo Labs, its in-house innovation arm participating in the disruptive and innovative sectors of the crypto ecosystem while supporting the decentralization of various blockchain protocols. Argo has allocated approximately 10% of the Company's crypto assets in its “HODL" to Argo Labs.

Coinciding with this update, the Company is pleased to announce the appointment of Vakeesan Mahalingam, CFA, as Head of Argo Labs.

Peter Wall, Chief Executive of Argo Blockchain, said: “Argo Blockchain has long been a supporter of the proliferation of crypto and blockchain technology – not just through mining. As blockchain technologies continue to see rising adoption rates, this extension of our business gives us an important opportunity to integrate cryptocurrencies into existing financial infrastructure, support and participate in the wider digital asset ecosystem, and continue to spur this proliferation to ultimately change our world for the better.”

Argo Labs will primarily be focused on two key areas: network participation and strategic diversification through the efficient deployment of the Company’s crypto treasury assets. Network participation consists of providing infrastructure support, running nodes and validators, and staking in innovative projects. Efficient deployment of the Company’s crypto treasury assets includes, among other things, supporting early-stage projects and participating in decentralized finance (DeFi), as well as the NFT & metaverse ecosystem, in each case in furtherance of the Company’s general business operations.

Mahalingam commented: “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. We are committed to growing all facets of this industry, and look forward to spearheading this effort alongside my talented colleagues.”

Mahalingam joined Argo to specifically work on this aspect of the business. He is overseeing a multi-talented, dynamic team of blockchain network experts and technologists and is actively building this division.

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