A new head of Argo Labs has also been appointed in the form of Vakeesan Mahalingam, who joins from a consultancy that worked with crypto startups
A new head of Argo Labs has also been appointed in the form of Vakeesan Mahalingam, who joins from a consultancy that worked with crypto startups
Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) said it allocated 10% of its crypto assets to its in-house innovation arm, Argo Labs, and named a new head of the division.
The cryptocurrency miner said Argo Labs, which invests in new crypto innovations, NFTs and the metaverse, was established to identify opportunities within the “disruptive and innovative” corners of the cryptocurrency ecosystem while “supporting the decentralization of various blockchain protocols”.
Its focus is on two main areas: network participation and strategic diversification.
Network participation consists of providing infrastructure support to the wider crypto networks, running the nodes where Bitcoin and other crypto transactions are validated, and committing funds to staking innovative projects.
Diversification is done through the deployment of some of those 10% allocated crypto treasury assets, including supporting early-stage projects and participating in decentralized finance (DeFi), as well as exploring NFTs and the metaverse.
In each case, these are seen as “furtherance of the company’s general business operations”.
The new head of Argo Labs is Vakeesan Mahalingam, CFA. He has over eight years of experience in the investment industry, most lately as a consultant working with startups in the blockchain space.
The company said he was “well versed to lead this new division” and will be overseeing a “multi-talented, dynamic team of blockchain network experts and technologists and will oversee the growth and development of Argo Labs”.
“Argo has long been a supporter of the proliferation of crypto and blockchain technology,” chief executive and interim chairman Peter Wall said.
“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.”
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