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2020-03-04 11:53

Nasdaq-listed Riot Blockchain plans to sell its cryptocurrency exchange RiotX while doubling down on its bitcoin mining businesses.

In an announcement on Thursday, the company said it is considering opportunities to divest itself of the limited assets associated with the exchange, launched in early 2018, due to the regulatory environment, security risks and competition from peers.

“In order to concentrate its focus on cryptocurrency mining, Riot has opted to sunset further development of Riot's U.S.-based digital currency exchange,” the company said in a statement.

Riot has hired Chicago-based investment bank XMS Capital Partners to advise on potential strategic deals and the search for new growth opportunities.

The announcement came on the heels of Colorado-based Riot’s mining expansion in Oklahoma City. Riot installed an additional 1,060 Antminer S17 Pro devices from Bitmain on Feb. 11.