Chia Network Moves Closer to Public Listing Following SEC Filing – Bitcoin News

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On Friday, Chia Network Inc. revealed that it had sent a draft registration statement to the U.S. Securities and Exchange Commission (SEC), as part of its intention to go public through an initial public offering (IPO). Bram Cohen’s blockchain network firm will move closer to the public listing after the U.S. regulator’s assessment of the filing.

Bram Cohen’s Chia Network Seeks Public Listing

On April 14, Chia declared that it had privately filed a draft registration statement on Form S-1 with the SEC in order to initiate an initial public offering of its common stock. This move by Chia comes after the U.S. securities regulator declared that a number of crypto tokens were unregistered securities. The blockchain and digital currency project created by Bram Cohen in 2018, uses storage for reaching consensus through a mechanism known as Proof of Space and Time (PoST), instead of Bitcoin’s proof-of-work (PoW). PoST employs hard disk space as the foundation for its consensus algorithm.

Chia Network Files for IPO With the SEC, Eyes Public Listing
Chia’s native token XCH rose more than 14% on the news concerning the IPO.

Chia Network Inc. raised $71.12 million in total and gained $61 million in a Series D financing round in May 2021, led by Andreessen Horowitz and Richmond Global Ventures. The news of Chia submitting the draft registration statement to the SEC sent its native token XCH up 14.2%. Over the past 24 hours, it has been trading in the range of $39.56 to $45.38 per coin. During the last seven days, XCH has surged by 19.3% against the U.S. dollar. Nevertheless, XCH is 97% lower than the all-time high it set on May 15, 2021, when it reached $1,645 per unit. As of now, XCH has a market capitalization of roughly $317 million and is placed 143rd among thousands of other crypto market cap metrics.

Tags in this story
All time high, Andreessen Horowitz, Bitcoin, Blockchain, Bram Cohen, Chia Network, Consensus Algorithm, COO, crypto market, crypto tokens, Cryptocurrency, decentralized finance, Digital Assets, Digital Currency, draft registration statement, financing round, Form S-1, Gene Hoffman, hard disk space, initial public offering, investor sentiment, IPO, Market Cap, Market Capitalization, Market Trends, Native Token, post, Proof of Space and Time, Public Listing, Public Offering, Richmond Global Ventures, SEC, Token value, trading, unregistered securities, US Securities and Exchange Commission, XCH

What do you think about Chia’s plan to achieve a public listing through an IPO? Share your views about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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