A listed blockchain company has raised £1 million in a share placing.

Quantum Blockchain Technologies Plc said the capital injection will allow it to progress its research and development programmes.

Chief among these are bitcoin mining machine learning algorithms and a software product release.

It will also fund North America business development activities and provide general working capital.

“We are pleased to have performed this placing, which secures the funds to continue implementing the development of the company’s cutting edge proprietary technologies,” said Francesco Gardin, executive chairman and CEO.

QBT recently appointed Vladimir Kusznirczuk as marketing and business development manager as it targets the US market.