Blockchain Company Chia Network Looks to Go Public, Files for IPO with SEC

Chia Network, a blockchain and cryptocurrency project founded by Bram Cohen, the creator of Bittorrent, has announced its plans for an initial public offering (IPO) after submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) on Friday, April 14, 2023. Unlike Bitcoin’s proof-of-work (PoW), Chia’s consensus mechanism, called Proof of Space and Time (PoST), uses hard disk space to verify transactions. Chia has been focused on an IPO since May 2021 and has raised $71.12 million, with $61 million obtained in May 2021 through a Series D financing round led by Andreessen Horowitz and Richmond Global Ventures. The company’s native token XCH rose 14.2% on the news.  China’s market capitalization currently stands at around $317 million, and XCH is ranked 143rd among thousands of other crypto market cap metrics.

Clever Robot News Desk 17^th April 2023