There is a big shakeup affecting Argo Blockchain. This mining company that manages and operates Argo Mining has stated that a Rothschild-linked London oil tycoon has joined the crypto mining pool. Frank Timis is described as a tycoon with a shadowy past who did a cannonball dive in the deep end of mining.
Argo Blockchain came into the limelight not long ago. As we reported earlier, it became the first crypto company to list on the London Stock Exchange successfully. During the IPO, Argo Blockchain managed to raise more than it initially planned namely owing to the support provided by some cornerstone investors.
The firm raised approximately £25 million in an IPO, running on a valuation of almost £47 million. The company’s clients have a possibility to work directly through their own computers or mobile devices. Moreover, they are permitted to mine four cryptocurrencies, including Ethereum (ETH), Bitcoin Gold (BTG), Ethereum Classic (ETC), and Zcash.
The move by Frank Timis may suggest that Bitcoin has hit the bottom and is now ready for a massive bull run in 2019.
Frank Timis is worth over $2 billion and has extensive interest in gold and oil mining. The 56-year-old Romanian-Australian businessman became a part owner of Argo Mining. He was revealed among the owners after a company shakeup that resulted in the oustering of two top Argo executives.
Additionally, the company revealed a large overhaul of all its business plan earlier in 2019. The long crypto winter and rising costs made the company’s earlier cash flow model unprofitable. With Timis at the top with 14% stake ownership, Argo has now invested in its own mining rigs.
Argo said in a statement:
“Mr. Timis has made clear he does not believe the strategy being pursued by the board will result in a satisfactory return to shareholders. However, he has made no substantive alternative proposals for the running of the company and has not nominated any alternative director at the time of writing.”
The company also blamed the fall in the price of cryptocurrencies to be the main cause of dismal share price performance.
Is this Institutional Adoption of Cryptocurrency?
It is indisputable that Frank Timis has ties to the Rothschild Bank. The traditional financial institution has looked into crypto and its disruptive power in the past. 2018 was a year of unforeseen institutional interest in Bitcoin and other digital assets.
2019 is projected to become a great year for institutional investors to dive into crypto. Soon, the powers will scramble to disrupt themselves and their competition. Nobody wants to be disrupted first.
Frank Timis is an old renowned oil and gold investor. He also has economic interests that tie him firmly into the industries and financial establishments. Timiș’ gold mining company, Gabriel Resources, got a $3 million loan from the Rothschild Bank. He was given that money after striking gold in Australia. Hence, he may pave the way for the bank to join the crypto world.