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November 27, 2022
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Chia Network raised $ 61 million and announced publicly traded plans

Chia Network raised $ 61 million and announced publicly traded plans after a financing round led by a16z.

Another company related to cryptocurrency intends to go public, this time, is the Chia Network. The project, founded by the inventor of BitTorrent, chose a more traditional path through an IPO and took a step closer after raising $ 61 million in a recent round of financing.

Founded in 2017 by Bram Cohen, Chia Network develops a blockchain “Ecologically correct”And a smart transaction platform. The project recently completed a Series A financing round, in which it raised $ 61 million from investors, including Andreessen Horowitz (a16z), Richmond Global Ventures, Breyer Capital, Slow Ventures, Cygni Capital and more.

With the last round, estimates show that the company’s total valuation has increased to $ 500 million, according to the Bloomberg.

Gene Hoffman, President and COO of Chia, referred to the newly acquired funds as the “rocket fuel”Needed to hire new employees and accelerate the company’s ambition to“become a trading and payment system used by governments, banks and other institutions“.

In addition, the project aims to become a publicly traded company this year through a more traditional approach – initial public offering (IPO). However, Hoffman said that a merger with the “right” special purpose acquisition company (SPAC) could also work.

“Our goal has always been to go public relatively quickly, as this will significantly clarify our regulatory environment and allow customers to use currency to protect public market volatility, which is different from other currencies.” – he concluded.

It is important to note that the company saw a huge increase in interest even before the official launch of its network. As previously reported in April, there was a crisis of scarcity of SSDs across Asia and a rise in prices.

Other crypto companies are going public

Going public with companies focused on cryptocurrencies is a relatively new trend, which has shown a steady increase. The largest stock exchange based in the United States, Coinbase, led the attack, as the company’s shares began to be publicly traded through a direct listing in mid-April at a valuation of $ 100 billion.

ICE-owned Bitcoin futures trading platform Bakkt has also declared similar plans. The company merged with a SPAC, and its estimated business value is more than $ 2 billion. Shortly thereafter, another US scholarship – Gemini – said it was studying this possibility.

More recently, the eToro crypto-compatible trading platform declared that it will be made public this year through a merger with a SPAC called FinTech Acquisition Corp V. The combined equity value of both entities was more than $ 10 billion.

Source: Cryptopotato

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