The new norm. Chia is eyeing a public offering, according to statements from its COO, Gene Hoffman. The company aims to launch an IPO this year, after it just received an influx of investments.
Founded by BitTorrent creator Bram Cohen, this is a cryptocurrency project that saw daylight in 2018, but launched its mainnet only recently.
Chia uses storage for its consensus, and it has been in the news lately as it aims to become the next green Bitcoin substitute due to its relatively low energy consumption compared to other Proof-of-Work alternatives.
Though not everything is awesome with this network — interest in it has already led to a shortage of storage devices like hard drives and SSDs.
Nevertheless, the company just recently received a funding round of more than $60 million that gave the cryptocurrency a valuation of $500 million. And if we go by the statements from Chia Network Inc, it is striving to launch an IPO as soon as this year.
“Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use currency to hedge public market volatility, which is different from other coins.”
Apparently, the latest round of investments has made Chia confident about what it might achieve with an initial public offering.
The COO of the company informed the public that these resources will be to keep hiring manpower and fuel the promotion of the cryptocurrency as an alternative to other important coins in the space, like Bitcoin, which itself has fallen under dark clouds due to its big environmental footprint.
At a time like this, Chia proponents believe that the asset has a real shot at becoming one of the most important cryptocurrencies of the future.
The project certainly has optimism surrounding it.
What that translates to remains to be seen.
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