Chia Network Hires Gene Hoffman As Its CEO
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Chia Network is endeavoring to keep going in line with its IPO strategy, as per Gene Hoffman (the latest CEO of the platform). The firm has been operating on its IPO strategy for several years. Chia Network (a mining-centered platform) will move ahead while focusing on the release of an IPO, as the new executive of the company stated.
Gene Hoffman Becomes Chia Network’s New CEO and Claims Accelerating Its IPO Plans
The platform recently declared that Bram Cohen (its founder) would take the place of its CTO and the Chairman of the Board. The CEO asserted that the timeline of the IPO project is being accelerated by the firm.
The executive additionally revealed that the strategy was to offer financial security to people across the globe. In this figure, nearly 4 billion people are from outside the markets in the Western region.
In the words of Hoffman, the markets within the western sphere will also get better as a result of this. The strategy for hosting an IPO is witnessed at a time when the industry is going through a downturn.
However, some of the previous weeks have witnessed a recovery in the market’s situation to a great extent. Chia Network will submit the required filings under the Securities and Exchange Commission (SEC) of the United States.
Nonetheless, the public offering will not occur in 2023. Chia Network provides layer-1-based sustainable technology permitting the mining of crypto based on the storage space on the hard disk.
This is much different and convenient in comparison to the other mining model that utilizes computing power, resulting in the consumption of expensive mining devices. The platform was established back in 2017.
Cohen is the platform’s founder who additionally developed the BitTorrent protocol. The IPO of Chia was in discussions as well as the roadmap for several of the previous years.
Nevertheless, it could not occur formerly. The firm collected nearly $61 million worth in 2021. As a result of that, its valuation touched the $500 million mark. Initially, it declared the strategy related to an IPO previously in 2021.
It was expected at that time that the project would be completed before the respective year’s denouement. It appears that Chia is paying considerable attention to complying with the regulations without intending to get entangled in any problems related to investor protection and uncertainty.
The platform disclosed the strategy to a mini-IPO. As per the firm, that would permit it to collect a cumulative of $50M worth from the common masses.
Chia has kept on making substantial progress notwithstanding the slump experienced by the crypto market. The leadership team of the platform got enlarged back in August as Thomas Chow joined it as Chief Legal Officer.
The reshuffling and the growth of the company’s leadership would assist it in scale because a lot of increase has been seen in the demand for the project of the platform.
Chia Network Becomes Blockchain Association’s Member
An NFT feature has additionally been released by the project on the mainnet, although the market is witnessing hard competition. Hoffman has mentioned that Chia offers an additional environment-friendly substitute to Solana and Ethereum.
Chia has turned into a Blockchain Association participant while endeavoring to support regulatory and policy-related efforts. The initiative denotes the struggle of the firm for compliance and offering a green alternative.
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