coinedition.com
The blockchain firm Chia Network has announced that it wants to accelerate its IPO plans, as former COO Gene Hoffman steps in as a new CEO. Hoffman released a statement that revealed that founder Bram Cohen was on board as the new Chairman of the Board and CTO.
In the statement, Hoffman said:
We have always said that we are on an accelerated timeline to complete an IPO, and this is one of the final important steps to prepare Chia Network for that next stage.
Hoffman also said that the plan was to deliver financial security to other 4 billion people outside US, EU, and UK markets as well as make the Western markets function better too. The broader adoption of Chia for real-world markets and transparent applications will be made through offers, DataLayer, and advanced custody.
Hoffman informed that the firm will file with the US Securities and Exchange Commission(SEC) for an initial public offering soon. However, the firm does not have public debut plans this year as the crypto market is still bearing the aftermath of bear markets. The leader transition went into effect as of January 1, 2023.
Back in 2021, Chia Network had raised $61 million in 2021, with a valuation of $500 million. Chia also had plans for a mini-IPO with a target of raising $50 million from the public. But with the controversial collapses of crypto firms and market slump, the plans were put on hold.
However, Cohen had recently stated that there’s still promise in blockchain and that the recent collapse of FTX is not a failure of cryptocurrency technology.