Argo Blockchain PLC Announces Update on Argo Labs

LONDON, UK / ACCESSWIRE / January 19, 2022 / Argo Blockchain Plc (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining, is pleased to announce an update on Argo Labs, its in-house innovation arm established to identify opportunities within the disruptive and innovative sectors of the cryptocurrency ecosystem while supporting the decentralization of various blockchain protocols. Argo has allocated approximately 10% of the Company's crypto assets in its "HODL" to Argo Labs.

Argo Labs is primarily focused on two key areas: network participation and strategic diversification through the efficient deployment of the Company's crypto treasury assets. Network participation consists of providing infrastructure support, running nodes and validators, and staking innovative projects. Efficient deployment of the Company's crypto treasury assets includes, among other things, supporting early-stage projects and participating in decentralized finance (DeFi), as well as the NFT & metaverse ecosystem, in each case in furtherance of the Company's general business operations.

Coinciding with this update, the Company is pleased to announce the appointment of Vakeesan Mahalingam, CFA, as Head of Argo Labs. With over 8 years of experience in the investment industry, and 3 years in consultancy, including working with crypto startups, Vakeesan is well versed to lead this new division of Argo Blockchain. Vakeesan will be overseeing a multi-talented, dynamic team of blockchain network experts and technologists and will oversee the growth and development of Argo Labs.

Vakeesan Mahalingam, Head of Argo Labs, said: "Our vision at Argo Labs is to support the Company's mining efforts by engaging with the disruptive and innovative sectors of the crypto ecosystem. We are committed to growing all facets of this industry, and look forward to spearheading this effort alongside my talented colleagues."

Peter Wall, Chief Executive of Argo and Interim Chairman, said: "Argo has long been a supporter of the proliferation of crypto and blockchain technology. Argo Labs gives us the opportunity to integrate cryptocurrencies into existing financial infrastructure, gain exposure to the wider digital asset ecosystem, and provide long-term value to our shareholders."

Forward-Looking Information

This announcement contains forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs, or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company proposes to operate. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements.