Chia Network Inc. announced On Friday it filed a draft filing statement on Form S-1 with the US Securities and Exchange Commission (SEC), for an initial public offering (IPO) request. The blockchain network company, founded by Bittorrent creator Bram Cohen, will go public after the US securities regulator approves the filing.
Bittorrent Creator Chia aims to go public
Bram Cohen’s Chia Network intends to go public and took a step in that direction on Friday, April 14, 2023, when the company filed a Form S-1 application with the Securities and Exchange Commission. The blockchain and cryptocurrency project, launched in 2018, promotes storage for consensus through a mechanism called Proof of Space and Time (PoST), unlike Bitcoin’s Proof of Work (PoW). PoST uses hard disk space as the basis for its consensus algorithm. Gene Hoffman, Chia’s COO, noted that the company has been focused on an IPO since May 2021.
On April 14, Xia announce that it confidentially filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Chia’s move comes on the heels of a number of cryptocurrency tokens being announced by the Securities and Exchange Commission (SEC). chia has Starch A total of $71.12 million and acquired $61 million in May 2021, in a Series D funding round led by Andreessen Horowitz and Richmond Global Ventures.
The original Chia symbol xchon It is up 14.2% on the news, and over the past 24 hours, it has been trading in a range of $39.56 to $45.38 per coin. Over the past 7 days, Chia’s XCH is up 19.3% against the US dollar. However, XCH is 97% below its high on May 15, 2021, when it reached $1,645 per unit. At the time of writing, XCH has a market cap of around $317 million, which ranks 143rd among thousands of other cryptocurrency market cap metrics.
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