Cryptocurrency miner commences trading on TSX

The firm also appointed its new non-executive chairperson

Cryptocurrency miner commences trading on TSX
HIVE Blockchain Technologies announced that it has already started trading on the TSX Venture Exchange, following the completion of its $16.5 million equity financing.

According to the group, the trading commencement came after it has announced the closing of its acquisition of a GPU-based blockchain data centre in Iceland from Genesis Mining.

HIVE CEO and president Harry Pokrandt said the group's mission is to boost the blockchain sector through participating in traditional capital markets and establishing long-term shareholder value.

"We are now focused on establishing a market presence and scaling our mining business. Our facility provides us significant flexibility to mine multiple cryptocurrencies including, but not limited to, Ethereum, Monero and ZCash. We will continue to examine other alt-coins for potential opportunities," Pokrandt said.

Meanwhile, Genesis Group co-founder and CEO Marco Streng said the deal with HIVE exposes the cryptocurrency mining hashpower provider to traditional capital markets. He said, "Genesis will support HIVE and will continue to operate separate facilities for our cloud mining customers, who will not be impacted in any way by the HIVE transaction."

Coming alongside the trading commencement is the appointment of Frank Holmes as the firm's non-executive chairperson.

As the founder and CEO of the asset management firm US Global Investors, Holmes noted that the blockchain technology has the potential to fundamentally improve financial transactions.

"HIVE's partnership with Genesis provides immediate exposure to operating margins of crypto mining and a growing portfolio of coins. That makes this a unique global company out of the gate," he commented.

Also joining HIVE's board of directors are Bjoern Arzt, Tobias Ebel, and Olivier Roussy Newton. The first two are advisors to Genesis and are managing partners of Logos Fund. Newton, on the other hand, is an investment banker and entrepreneur focusing on blockchain and quantum computing firms.

For more of Wealth Professional's latest industry news, click here.

Related Stories:
Bitcoin on the move… higher!
Fintech firm launches new cryptocurrency offering