Mining crypto

Chia Network, the ‘green mining’ crypto maker, valued at $500 million ahead of possible IPO

Symbiosis

Chia Network, the company behind the recent launch of the XCH cryptocurrency suitable for home mining, raised $61m in a Series D funding round led by Andreessen Horowitz (a16z) and Richmond Global Ventures, Bloomberg reported today.

According to the report, the company, which was founded by BitTorrent creator Bram Cohan, was valued at around $500 million during the funding round. Other participants included Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency and DHVC.

“Chia is what Bitcoin would look like if it had been designed with the knowledge of the last 13 years,” noted David Frazee, Managing Partner of Richmond Global Ventures.

In particular, he personally invested in Chia in 2018 and will now join the company’s board of directors. Frazee also added that Chia is user-friendly and “verifiable, secure and regulatory compliant”.

Back to the mining house

As CryptoSlate Previously reported, Chia was officially launched in early May when the coin became available for trading. The developers present it as the The easiest crypto for an average user to mine and process as well as an eco-friendly asset.

Chia is based on the so-called “proofs of space and time” consensus algorithm alternative to the widely used proof-of-work (PoW) and proof-of-stake (PoS) and does not require large amounts of electricity, high-end material, or substantial caches of itself (for staking) for users to obtain.

Instead, Chia’s mining algorithm (called “farming”) relies on high-capacity hard and solid-state drives (SSD and HDD, respectively).

“We want to make digital currency easier to use than cash,” said Chia President and COO Gene Hoffman. Bloomberg.

IPO on the horizon

According to him, the latest funding round will provide additional “rocket fuel” for the project to hire new staff and accelerate its goal of becoming a commerce and payment system recognized by governments, banks and other institutions.

Meanwhile, Chia Network aims to go public through a traditional initial public offering by the end of 2021, Hoffman added.

“Our goal has always been to go public relatively quickly as this will greatly clarify our regulatory environment and allow clients to use the currency to hedge public market volatility, which is different from other coins,” he concluded.

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