Chia Network Confirms Its IPO Plan By Next Year
Chia Network Blockchain decided to become a public blockchain firm amid increasing regulatory pressure on the crypto companies in America.
Chia Network is a decentralized smart contract platform. Chia blockchain uses a novel consensus protocol based on data storage space. The Chia team claims the network has lower energy consumption than blockchains that use proof-of-work (PoW) consensus and also Chia blockchain can reutilize worn storage hardware. This blockchain was founded by BitTorrent founder Bram Cohen in 2017.
On 14 April 2023, The Chia project team confirmed that they planned for IPO, and also for this plan they submitted a request with the United States Securities and Exchange Commission (SEC).
The first time the news about the Chia IPO surfaced in the crypto sector in January of this year when Chia blockchain CEO Gene Hoffman talked about IPO plans in an interview with Bloomberg.
At that time he said that the IPO plan will not become reality this year, as legal approval & further development work will surely take time.
To this date, no decision has been made so far over the size and price range of the offering.
In the present time, more than two dozen crypto companies are active in the US crypto market as public company. Crypto proponents believe that publicly listed companies always remain in a better position in almost every aspect.
The majority of the people welcomed the Chia IPO decision.
Chia (XCH) is a native coin on the Chia blockchain network and the trade price of XCH is 13.5% higher over the last 24 hours because of this news.
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