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In order to build a data center in West Texas, the UK-based crypto mining company Argo Blockchain has backed a $20M loan from Galaxy Digital. Argo Blockchain made an announcement on Tuesday revealing securing $19.4 million at the time of writing this article.
Crypto Mining Firm Argo Blockchain Secures Loan From Galaxy Digital
As revealed in the six-month loan agreement, Galaxy Digital will be using a segment of its Bitcoin holdings as security.
In accordance with the data revealed officially by Argo blockchain, the firm revealed that the proceeds of the loans along with the cash raised from the funding rounds held earlier are going to be used in the expansion of the mining operations of the company in Texas and meet the current costs of operations.
Peter Wall, the CEO of Argo Blockchain said:
“This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin.”
In addition to this, Peter told that as the loan is partly backed by Bitcoin, the crypto mining company could benefit by holding its crypto investment and witnessing if the price of it will increases by the time, the loan is due in the month of December.
More About The Cryptocurrency Extracting Company
Peter Wall revealed back in the month of March that he receives his salary entirely in BTC and as of the end of the month of May, the company reportedly holds 1,108 BTC, 716 coins of which have been mined in the year 2021.
However, it should be noted that the crypto companies based in the United Kingdom are facing severe requirements from the Financial Conduct Authority of the country.
Most recently, the leading crypto exchange Binance was ordered by the FCA to halt its operations in the country and around 64 crypto companies have withdrawn their applications filed for registration with the FCA.