Chia Startup Valuation Stands at $500 Million, Considering Going for IPO
May 25 2021 · 11:02 UTC | Updated
May 25 2021 · 13:41 by Patrick Kariuki · 3 min read
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Chia eyes an IPO in the course of the year. If presented with a lucrative SPAC deal the company wouldn’t shy away from exploring the opportunity.
Chia Inc, a blockchain digital assets network, founded by Bram Cohen, BitTorrent‘s founder, has seen its valuation doubling to $500 million after having additional funding to a tune of $61 million. The company sourced its funds through some of the industry’s key players including Andreessen Horowitz, and Richmond Global. Now there are talks that Chia may go for an IPO.
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Ethereum gives a higher utility when compared to Bitcoin. Ethereum has earned global recognition, thanks to its momentous growth, evidenced by the introduction of smart contracts, NFTs, and yield farming.
According to Todd Morley, a former investment partner and co-founder at Guggenheim, Ethereum is much better than Bitcoin as it can be utilized in many ways. In his own words, he stated that “Ethereum has higher utility than Bitcoin”. In an interview on Monday, he said Bitcoin was a thing. However, Ethereum has more utility, thanks to its smart contracts.
Todd Morley further noted that any technology strategy that has no capacity for digitization will eventually be pushed out of business. The Co-founder used the example of an insurance company to express his thoughts by suggesting that such companies were well off with sustainable technology strategies.