• Sat. Jun 3rd, 2023

Chia Network Intends To Go Public After Raising $61 Million

May 26, 2021

Another company in the crypto space revealed plans to go public, and this time, it is a network in China. Funded by the creator of BitTorrent, the project has chosen a more conventional and traditional way through an Initial Public Offering (IPO) and are now very close after generating $61 million in the funding round concluded recently.

Chia Network to Go Public After Raising $61 Million

The China Network, founded by Bram Cohen in 2017, develops a smart transaction platform and an eco-friendlier blockchain. Recently, the project completed a funding round tagged “Series A” where about $61 Million was raised from investors, including Cygni Capital, Slow Ventures, Breyer Capital, Richmond Global Ventures, Andreessen Horowitz (a16z) and many more.

With the recent round of funding, estimations according to Bloomberg revealed that the total evaluation of the firm has increased to $500 million.

The COO and President of Chia, Gene Hoffman, cited the funds generated recently as the fuel needed for recruiting new personnel and catalyzing the ambition of the company to become a trading and payment system patronized by banks, governments and other institution.

In addition, the network plans to turn to a publicly traded company before the end of this year using a traditional approach of IPO – Initial Public Offering. Nonetheless, the president said another workable plan is a merger with a special strategic purpose acquisition company (SPAC).

In his conclusion, he said, “our ambition has always been to be a publicly-traded company as quick as possible as a way of clarifying the regulatory environment around us and allowing our customers to use the currency to hedge the public market volatility, which, of course, is different from other coins.”

It is noteworthy to mention that the company experienced a huge increase in interest even before the network was launched. As reported previously, in April, there is a shortage of SSDs all across Asia and, therefore, a spike in prices.

Other Companies in the Crypto Space Going Public Soon

The new trend in the crypto space has been the going public of crypto-related companies, which has rise tremendously recently. The biggest crypto exchange in the United States pioneered this trend as the shares of the firm became publicly traded in mid-April through a direct listing at a total valuation of $100 billion.

Bakkt, a BTC futures trading platform managed by ICE, has mentioned similar plans. The company has a merger with a SPAC, and the value of the firm hit $2 billion. This is after another crypto exchange in the US – Gemini – revealed its consideration of going public very soon. eToro is another firm in the crypto space that could do that soon.

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