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(Alliance News) - Argo Blockchain PLC on Wednesday said it has appointed cryptocurrency investment fund founder Matthew Shaw as independent non-executive director, with immediate effect.
Shaw is the founder of Protos Asset Management, a Swiss cryptocurrency fund investing in early stage cryptocurrency and blockchain businesses.
"Matthew's broad experience in international banking and cryptocurrency will be a benefit to Argo as it implements an aggressive growth strategy," said Argo Chair Mike Edwards.
Argo, which provides crypto mining services, earlier in July acquired USD13.1 million worth of cryptomining devices, 5,000 Antminer S17s.
The new hardware is expected to be delivered in November, and will complement an existing installed base of 7,205 machines. Following installation, Argo's total bitcoin mining capacity is set to more than double to 505 petahash from 220ph.
Shares in Argo, which provides crypto mining services, were down 20% at 6.21 pence each on Wednesday afternoon.