Chia Network Makes Progress Toward an IPO, CEO Says

Chia
Network
(XCH),
which
uses
a
novel
consensus
mechanism
for
running
its
blockchain,
has
made
progress
toward
getting
its
stock
trading
through
an
initial
public
offering,
its
CEO
said
Thursday.

The
company
confidentially
filed
an
amended
S-1
form
with
the
U.S.
Securities
and
Exchange
Commission
at
the
end
of
March,
after
the
regulators
sent
a
comment
letter
to
the
company,
CEO
Gene
Hoffman
said
at
a
conference
hosted
by
law
firm
Brown
Rudnick
in
Manhattan.
However,
there
is
still
no
firm
timeline
for
the
IPO
since
the
company
wants
to
wait
for
the
right
market
conditions,
he
later
told
CoinDesk.

Chia
revealed
in

April
2023
that
it
wanted
to
go
public,
though
its
IPO
plans
took
a
detour
because
of

financial
distress
at
Credit
Suisse,
its
underwriter.
That
led
to
Chia

laying
off
a
third
of
its
staff
in
October.

Chia
was
founded
by

Bram
Cohen,
who
invented
the
BitTorrent
peer-to-peer
filesharing
technology.
Unlike
Bitcoin,
which
uses
proof-of-work
to
run
its
blockchain,
and
Ethereum,
which
uses
proof-of-stake,
Chia
uses

proof-of-space
and
proof-of-time,
which,
in
short,
involves
the
allocation
of
computer
storage
on
machines
around
the
world.

Hoffman
said
Chia
is
planning
to
roll
out
a
bridge
for
Circle’s
USDC
stablecoin
in
the
coming
months,
as
well
as
additional
infrastructure
projects.