A UK cryptocurrency mining company has announced that it has secured £14m of funding to support the construction of a new Texas facility.
Argo Blockchain, based in London, has secured a £14m loan agreement for a term of six months with Galaxy Digital LP.
The funding will be used to support the build out of the company’s new data centre in West Texas.
Argo, which is aiming to create the world’s first green bitcoin, will use a portion of its bitcoin holding as collateral against the deal.
Peter Wall, chief executive of Argo, commented: “We are delighted to work with Galaxy Digital LP as we pursue our growth plans, and to form a solid relationship with them as a financing partner.
“This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin.”
Amanda Fabiano, head of mining, and Luka Jankovic, head of lending, at Galaxy Digital, said: “Galaxy is committed to creating tailored financial solutions to support miners.
“We are happy to provide Argo capital financing and products allowing them to scale and evolve.”
Bdaily spoke with Peter Wall about sustainability in cryptocurrency here.
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