{"id":466469,"date":"2021-06-30T09:52:24","date_gmt":"2021-06-30T09:52:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=466469"},"modified":"2021-06-30T09:52:24","modified_gmt":"2021-06-30T09:52:24","slug":"argo-blockchain-secures-loan","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/argo-blockchain-secures-loan\/","title":{"rendered":"Argo Blockchain Secures $20 Million Loan with Galaxy Digital LP"},"content":{"rendered":"

Argo Blockchain expresses joy as it announces a \u00a314 million ($20 million) loan agreement on its website.<\/p>\n

The deal,\u00a0spanning<\/a>\u00a0six months, was secured with Galaxy Digital LP using a portion of its Bitcoin ownership as collateral. The bitcoin-backed loan agreement is expected to grow its operations in Texas, United States of America.<\/p>\n

The blockchain platform thus will use yields obtained from the loan, alongside the previous capital raised through its activities, to fund the company’s construction of a data center in west Texas. The proceeds, similarly, will be used to meet up with the company’s day-to-day financial obligations.<\/p>\n

Argo Blockchain is Delighted<\/strong><\/h2>\n

Expressing its pleasure with the latest development, the CEO of Argo, Peter Wall, said in the announcement:<\/p>\n

“We are delighted to work with Galaxy Digital LP as we pursue our growth plans and to form a solid relationship with them as a financing partner.”<\/p>\n

According to Mr. Wall, the agreement will facilitate the securement of competitive terms on a loan facility for Argo. It will additionally allow them to hold still their portion of the Bitcoin asset.<\/p>\n

Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper<\/a><\/strong><\/em><\/p>\n

The loan terms are thus favorable, as it authorizes the London-headquartered mining company to retain its current Bitcoin holdings, even as it broadens further its mining activities. By implication, the company can expand its mining operations while refraining from selling its bitcoin holdings.<\/p>\n

Given this, the Bitcoin mining<\/a> company is “pleased” to have Galaxy Digital LP as its source of finance. Argo looks forward to building a viable relationship with the financial institution going forward.<\/p>\n

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New RNS:<\/p>\n

Argo is pleased to announce it has secured a \u00a314 million ($20 million) loan agreement for a term of six months with @GalaxyDigitalHQ<\/a> using a portion of the Company\u2019s Bitcoin holding as collateral. #ARB<\/a> $ARBKF<\/a><\/p>\n

1\/<\/p>\n

— Argo (@ArgoBlockchain) June 29, 2021<\/a><\/p><\/blockquote>\n