Riot Blockchain
Blockchain technology is developed, run, and supported by Riot Platforms Inc (Riot Platforms), formerly known as Riot Blockchain Inc. Mining cryptocurrency and creating exchange as well as mining pool services are its main activities. In addition, the company offers custom-engineered electrical goods, electrical distribution machinery, shared space solutions, and installation services. It functions as a unit of consideration, an accumulation of value, and an instrument of exchange. Specific to the application integrated circuits (ASIC) chips are used by Riot Platforms for mining Bitcoin. With the Rockdale Establishment, it offers institutional-level customers essential mining equipment. At the Corsicana site, the corporation additionally carries out development operations. It operates data centers in central Texas and fabricates and engineers electrical switches in Colorado's Denver. The main office of Riot Platforms is located in Castle Rock, Colorado.
United States of America
- Address:
3855 Ambrosia Street, Suite 301, Castle Rock, Colorado, 80109
- Website:
- Number of employees:
534
- Industry:
Technology and communications
- Ticker Symbol and Exchange:
RIOT (NASD)
Description of the Business:
Blockchain technology and services are operated, developed, and supported by Riot Platforms Inc (Riot Platforms), previously referred to as Riot Blockchain Inc. Its main activities include the creation of exchange and mining pool systems, as well as mining cryptocurrency.
R&D Synopsis:
The goal of Riot Platform' research and development is to provide strategies for scaling up bitcoin mining activities. In order to increase mining productivity, the company emphasizes immersion-cooling solutions. It also assesses novel and innovative technologies throughout the framework of Bitcoin in order to maximize mining activities. In the short and medium terms, it also emphasizes bitcoin mining in order to promote greater oversight.
The History of Riot Blockchain Company:
The current iteration of Riot Blockchain has undergone an unexpected number of name modifications over a short period.
After purchasing BiOptix Diagnostics Inc. in 2016, the business—formerly known as Venaxis Inc.—changed its name to Bioptix Inc.
This turned out to be a regrettable error in judgment. Michael Beeghley, the previous CEO of the company, reportedly told Bloomberg that the business was losing money and operating in a too-small industry.
The Canadian cryptocurrency exchange "Coinsquare" was acquired by Bioptix, which rebranded itself as Riot Blockchain Inc. in October 2017 and declared its intention to acquire blockchain and cryptocurrency companies. Jason Mo, Cole Diamond, and Jason Les were added to the advising council. In the process, John O'Rourke took over as CEO. Following the disclosure, the stock almost doubled in value.
To the pleasure of shareholders as well as business leadership, this was a company which had only ever produced diagnostic apparatus for biotech companies making a quick and dramatic shift into the bitcoin ecosystem—which is frequently misunderstanding and heavily touted.
| Benjamin Yi Chairman Executive Board Since: 2021 Age: 41 | Mr. Benjamin Yi has served as the company's chairman. He formerly held the positions of Director at Android Industries LLC from 2014 to 2016 as well as Director of PetroMaroc Corporation Plc from 2013 to 2016. From 2013 to 2015, he also served as a director of Woulfe Mining Corp. He had previously worked with IOU's corporate development and capital markets divisions. |
| Jason Les Chief Executive Officer; Director Executive Board Since: 2021 Age: 37 | Mr. Jason Les has served as the organization's chief executive officer as well as director. Before that, from 2017 to 2020, he was the creator of Binary Digital SG. He had earlier chaired the Committees of Compensation having HR Council and been an integral part of every single one of the Board's permanent committees. |
| Colin Yee Chief Financial Officer Senior Management Since: 2022 Age: 47 | The organization's Chief Financial Officer beginning August 2022 is Mr. Colin Yee. Before this, during April 2022 to September of that year, he was the company's Director of Business and Financial Affairs. Prior to this, he was Avebury Partners' Chief Operational Financial Officer from 2021 to 2022. In addition, he was the chief accounting officer of a Canadian publicly listed property corporation. In 2007, Mr. Yee established Clear Capital Management Corp. |
| Ryan Werner Senior Vice President; Chief Accounting Officer Senior Management Since: 2022 Age: 43 | Since 2021, Mr. Ryan Werner has worked as the company's older vice president and chief accounting officer. He had been the company's vice president of Finance between 2021 and 2022 before this. In addition, he was an officer of the S&P 500 as well as the residential property investment trust, in addition to serving as the Senior Director of Real Estate & Transactions Management at UDR Inc. between 2013 and 2021. He used to be Archstone's director of debt accounting and external reporting. Mr. Ryan began working as a lawyer at Ernst & Young. |
| Lyle Theriot Chief Operating Officer - Whinstone; Head of Construction Senior Management |
Acquisitions by Riot Blockchain:
Riot Blockchain reversed the trend of finger-pointing skepticism into angry curiosity with a succession of acquisitions and transactions in the blockchain and cryptocurrency space following the pivot.
- Purchasing an 11% investment in Canadian cryptocurrency exchange Coinsquare, having the option to grow the share to 14.7% by May 2018, was one of Riot Blockchain's more significant early purchases. According to trade volume, Coinsquare is the second-biggest platform in Canada and among the biggest in North America. In a conversation, Riot director and advisor Jason Les stated that Coinsquare had completed a financial institution funding round valued at CAD $430 million, meaning Riot now owns a 12.5% share in the company.
- Kairos Global Technology, Inc., a mining company with 700 Antminer S9s and 500 Antminer L3s for $11.9 million in preferential convertible supplies, was the second initial purchase.
- October 2017: Tess, a company that develops blockchain-based applications for telecom businesses, was acquired by Riot Blockchain for $520,000 capital and 75,000 shares. Since then, Tess and a publicly traded firm in Canada have finalized their merger deal.
- In November 2017, Verady, a business that offers accounting, auditing, and validation services to assets that use blockchain technology, received funding from Riot Blockchain.
- In February 2018, Riot Blockchain purchased a mining facility in the Midwest of the United States that had 3000 Antminer S9s and 12 MW of power. It purchased a further 3800 Antminer S9s in the same month. By May 2018, the business plans to have all 8,000 ASIC miners operational.
- March 27, 2018: As a component of its plan to open an exchange for cryptocurrency in the US, Riot Blockchain purchased Miami-based options importing broker Logical Trading Corp., which has a registration wih the Commodity Futures Trading Commission ("CFTC").
- On January 24, 2018, Riot Blockchain additionally brought home 500 Bitcoin at a U.S. Marshall's Auction.