Rothschild-linked billionaire invests in Argo Blockchain

22 Apr, 2019 | Updated: 22 Apr, 2019
by David Robb
Blockchain
Rothschild-linked billionaire invests in Argo Blockchain

It has recently been revealed that one of Argo Blockchain's investors is a major institutional figure. Frank Timis is a billionaire from the gold and oil industry, and has links to the Rothschilds, as reported by CCN.

Argo Blockchain gained some attention not long ago, as the first crypto company to successfully get a listing on the London Stock Exchange. The London-based mining firm raised around £25 million in an IPO, based on a valuation of around £47 million.

The company started out with a subscription-based mining model, renting out access to other miners' hash power for investors, based out of a datacenter in Canada. Argo Blockchain eventually moved on to purchasing its own mining equipment. Timis' involvement in Argo Blockchain shows the extent of institutional interest in crypto, and could point to more investment from the space to come.

The news broke after a shake-up at the top, which led to two executives being ousted. Timis is an Romanian-Australian businessman who has been described as a "City bad boy", and he has a 14 percent stake in the mining firm. He has links with the Rothschild family, having secured a $3 million loan from their bank after his firm struck gold in Australia.

Read more about: London

Poll

Do you invest in crypto mining?

(28 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage