Argo Blockchain Plc (LSE: ARB; NASDAQ: ARBK), a global leader in cryptocurrency mining, is pleased to announce an update on Argo Labs, its in-house innovation arm established to identify opportunities within the disruptive and innovative sectors of the cryptocurrency 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.
Argo Labs is primarily 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 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.
Coinciding with this update, the Company is pleased to announce the appointment of Vakeesan Mahalingam, CFA, as Head of Argo Labs . With over 8 years of experience in the investment industry, and 3 years in consultancy, including working with crypto startups, Vakeesan is well versed to lead this new division of Argo Blockchain. Vakeesan will be overseeing a multi-talented, dynamic team of blockchain network experts and technologists and will oversee the growth and development of Argo Labs.
Vakeesan Mahalingam, Head of Argo Labs, said: ” 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 .”
Peter Wall, Chief Executive of Argo and Interim Chairman, said: “Argo has long been a supporter of the proliferation of crypto and blockchain technology. 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.”
This announcement contains forward-looking statements which reflect the Company’s or, as appropriate, the Directors’ current views, interpretations, beliefs, or expectations with respect to the Company’s financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company proposes to operate. Statements which include the words “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may”, “would”, “could”, “continue”, “estimate”, “future”, “opportunity”, “potential” or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements.
All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company’s actual results, prospects, and performance to differ materially from those indicated in these statements. In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods.
These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled “Risk Factors” in the Company’s Registration Statement on Form F-1.
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