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.
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.
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