According to newly appointed CEO Gene Hoffman, Chia Networks will continue with its IPO plans. The company’s IPO plans have been in the works for years.
Mining-focused network Chia Network plans to move forward with its IPO, as former COO Gene Hoffman takes over the role of CEO. Hoffman said the project will continue with its plans to launch an IPO. Chia Network announced on January 19 that founder Bram Cohen would take over as Chairman of the Board and CTO.
Hoffman confirmed that the project was “on an accelerated timeline to complete the IPO.” He also said the plan was to give financial security to the world’s 4 billion people outside Western markets and “make our markets work better too”.
The plan to host the IPO comes as the crypto market continues to face a downturn, although the health of the market has been looking better over the past few weeks. Chia will make the required filings with the United States Securities and Exchange Commission (SEC), although the public offering will not happen this year.
Chia Network offers durable Layer 1 technology that allows mining to be based on hard disk storage space as opposed to computing power. Founded in 2017, it was designed by Cohen, who also wrote the BitTorrent protocol.
Chia Networks IPO has been in the works for a while
Chia’s IPO was on the cards for years, but it hasn’t happened yet. The company raised $61 million in 2021, taking its valuation to $500 million. It first announced plans for an IPO in 2021, which was expected before the end of that year.
Chia focuses on following rules and does not want to participate in issues of uncertainty and investor protection. It revealed plans for a mini-IPO that would allow it to raise a maximum of $50 million from the public.
Expanding Team and Joining the Blockchain Association
Chia has continued to make progress despite the downturn in the market. The leadership team expanded in August with the addition of Thomas Chow as Chief Legal Officer. The expansion and reshuffle of leadership is meant to help it scale, as the project sees increased demand for its platform.
The project has also launched an NFT feature on its mainnet, even though competition in this space is fierce. Hoffman has said that Chia offers a more eco-friendly alternative to Ethereum and Solana.
Chia has also become a member of the Blockchain Association to support policy and regulation efforts. The effort, along with its development, demonstrates Chia Network’s effort to be compliant and convincing as a green alternative.
BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.