Gene Hoffman, a newly appointed CEO of Chia Network, has announced that the company is moving forward with its long-planned initial public offering (IPO).
Former COO Gene Hoffman will lead Chia Network’s IPO as new CEO; company founder Bram Cohen is now Chairman and CTO.
According to new CEO Gene Hoffman, Chia Network aims to accelerate its IPO, providing financial security to 4 billion people and improving markets.
Chia Network plans to file for an IPO with the SEC, but it won’t happen this year despite the recent improvement in the crypto market.
Chia Network provides sustainable layer one technology that enables mining based on the disc storage capacity rather than computing power. Cohen, who also created the BitTorrent protocol, started it, and it was established in 2017.
Chia Network Has Been Preparing For an IPO For Some Time
Although it has been planned for years, Chia’s IPO has yet to happen. In 2021, the firm raised $61 million, valuing it at $500 million. Before the year’s conclusion in 2021, it first disclosed its intention to IPO.
Chia Network plans for a regulated mini-IPO to raise $50 million, focusing on investor protection.
Growing Team And Blockchain Association Membership
Despite the market slump, progress has been made by Chia. Thomas Chow was brought on as the organization’s chief legal officer in August. The project is seeing an increase in demand for its platform. Therefore, it is expanding and changing its leadership to help it scale.
Despite the intense rivalry in this market, the project has also implemented an NFT feature on its mainnet. According to Hoffman, Chia offers a more environmentally friendly option to Solana and Ethereum.
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To aid efforts at policy and regulation, Chia has now joined the Blockchain Association. Along with its progress, the endeavor demonstrates Chia Network’s efforts to be persuasive as a green option and compliance.
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