Amidst a growing narrative for more energy-efficient blockchain networks, Chia Network Inc has raised $61 million in its latest round of funding from investors such as Andreessen Horowitz and Richmond Global Ventures.
What Happened: According to a report from Bloomberg, the latest investment round valued the digital currency platform at $500 million.
Other high-profile investors like Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Collab+Currency, DHVC, and AngelList founder Naval Ravikant also participated in the round.
According to the firm’s President and Chief Operating Officer Gene Hoffman, the fresh funding will be “rocket fuel” for the company to become a trading and payment system used by governments, banks, and other institutions.