Chia Network has secured $61 million in an investment round led by a16z, with the group announcing intentions to go public later this year.
Chia Network, another cryptocurrency-related venture, is planning to go public. The project, which BitTorrent created, has chosen a more conventional route by filing for an IPO and has already taken a move forward after raising $61 million in a recent funding round.
Chia Network Raises $61 Million to Become a Public Company
China Network is a blockchain and smart contract platform that was founded in 2017 by Bram Cohen. The project recently closed a $61 million Round A funding round from investors such as Andreessen Horowitz (a16z), Richmond Global Ventures, Breyer Capital, Slow Ventures, and Cygni Capital.
According to Bloomberg, the firm’s overall value has risen to $500 million due to the new Round.
According to Gene Hoffman, Chia’s President and COO, the newly acquired assets will be used to hire new employees and accelerate the company’s goal to “become a trading and payment infrastructure used by states, banks, and other organizations.”
The project also intends to become a publicly-traded firm this year using a more conventional route – an initial public offering (IPO). Hoffman, however, believes that a merger with the “perfect” particular purpose acquisition business (SPAC) could be effective.
“Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use the currency to hedge public market volatility, which is different from other coins.” – he concluded.
It’s worth remembering that the corporation saw a significant increase in demand long before the network’s official launch. As previously recorded in April, there was a shortage of SSDs in Asia, resulting in a price increase.
Other Cryptocurrency Businesses Are Becoming Public
The pattern of cryptocurrency-focused firms going public is a relatively recent one that has been steadily growing. Coinbase, the biggest US-based exchange, led the push, with its shares going public in a direct listing in mid-April, valued at $100 billion.
Bakkt, the ICE-owned Bitcoin futures trading exchange, has announced similar plans. The corporation integrated with a SPAC, and it has a market capitalization of more than $2 billion. Gemini, another US exchange, announced shortly after that it was looking into the prospect.
eToro, a crypto-friendly trading site, officially announced that it would go public later this year through a partnership with FinTech Acquisition Corp V, a SPAC. The total stock capital of both companies was more than $10 billion.