Chia Network Inc Is Valued At $500 Mln In A New Round Of Funding

Bloomberg reported on Monday that Chia Network Inc, the company associated with the eponymous Chia Network (XCH) token, has been valued at $500 mln in a new round of funding. The platform, founded by BitTorrent creator Bram COHEN, has raised $61 mln from investors such as Richmond Global Ventures and Andreessen Horowitz. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab + Currency and DHVC have also joined the funding round.

According to Bloomberg, Chia's COO and President Gene HOFFMAN called the new funding "rocket fuel" to achieve the company's goal of becoming a trading and payment system used by governments, banks and others. The Chia platform presents itself as a “green alternative” to Proof of Work, the technology behind the first cryptocurrency Bitcoin (BTC).

It is also known that the volume of the Chia network has grown by 8,250% since the launch. At the time of this writing, the Chia network is 10,020 petabytes (10 exabytes). The price of XCH has grown by 8% over the past 24 hours to $816 at the time of this writing.

Image: Market Realist