Chia Network will continue with its IPO plans, according to newly appointed CEO Gene Hoffman. The company’s IPO plans have been in the works for years.
Mining-focused network Chia Network is planning to move forward with its IPO, as former COO Gene Hoffman takes over the role of CEO. Hoffman said that the project will continue will its plans to launch an IPO. Chia network announced on Jan. 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 an IPO.” He also said that the plan was to deliver financial security to the world 4 billion people outside Western markets and make “our markets work better too.”
The plan to host an IPO comes as the crypto market is experiencing a slump, though the health of the market has looked better in the past few weeks. Chia will make the required filings with the United States Securities and Exchange Commission (SEC), though the public offering will not take place this year.
Chia Network offers sustainable layer 1 technology that allows mining based on hard disk storage space, as opposed to computing power. Founded in 2017, it was designed by Cohen, who also authored the BitTorrent protocol.
Chia Network IPO Has Been in the Works for a While
Chia’s IPO was on the cards for years, but it has not yet taken place. The company raised $61 million in 2021, putting its valuation at $500 million. It first announced plans for an IPO in 2021, which was expected before the end of that year.
Chia seems focused on following regulations and does not want to run into issues regarding uncertainty and investor protection. It revealed plans for a mini-IPO that would let it raise a maximum of $50 million from the public.
Expanding Team and Joining Blockchain Association
Chia has continued to make progress despite the market downturn. The leadership team expanded in August with the addition of Thomas Chow as Chief Legal Officer. The expansion and reshuffling of leadership are to help it scale, as the project sees growing demand for its platform.
The project has also launched an NFT feature on its mainnet, even though the competition in this space is fierce. Hoffman has said that Chia provides a more eco-friendly alternative to Ethereum and Solana.
Chia has also become a member of the Blockchain Association in a bid to support policy and regulation efforts. The effort, along with its development, showcases Chia network’s effort to be compliant and convincing as a green alternative.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.