Quebec-based cryptocurrency mining startup, Bitfarms hit a new milestone this week after the company became one of the first blockchain and crypto-related firms to list and begin trading on the Toronto Stock Exchange.
The listing was possible as a result of the firm’s acquisition of ownership in local company Backbone Hosting Solutions Inc. and reinforces the position of Quebec, Canada as a new hub for crypto mining firms.
Speaking to BlockTV following Bitfarm’s opening of the Toronto Stock Exchange on Monday, CEO Wes Fulford reflected on what going public meant for the startup and gave an overview of why the State regulators approved their Initial Public Offering (IPO).
According to him, Bitfarms operates on 100% renewable energy and also is audited by one of the big four auditors, Ernst & Young Global.
The startup has also sought to remain regulatory compliant, a notion highlighted by the fact that their shares were publicly traded in Israel since 2018.
To be clear, Bitfarms new listing on the Toronto Exchange was confirmed in mid-July, or approximately three weeks before the company’s opening of the Toronto Stock Exchange yesterday.
Since the listing, Bitfarms stock had hit a high of CA$3.60 per share before slipping to $1.35 at the time of writing. That, however, does not obscure the fact that the company’s listing remains a significant step in the journey towards mainstream adoption of cryptocurrencies.
Meanwhile, it also reveals Quebec as a growing hub for crypto mining firms. Back in May, Coinfomania reported that the province ruled against an increase in electricity prices for crypto miners while ordering that an additional 300 Megawatts of electricity should be allocated to companies in the blockchain industry.