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Regardless of its troubles, executives at Chia Network revealed last month that, the company planned to go public through an initial public offering (IPO) or a special purpose acquisition company (SPAC).
Chia coin (XCH) price is down by 3% within the last 24 hours as its plans to go public remains imminent. The digital coin was among losers on the crypto market this past weekend and hasn’t seen any significant price action since it debuted on the crypto scenes. Chia coin peaked at $1,800 on May 4, before backsliding, losing over half of its value in the subsequent days. Chia coin at press time was trading at $658.
Chia Coin has made waves in the crypto space this past month. Investors and social media subjected XCH coins to severe criticisms alleging that the supply of XCH coins is pre-mined, fueling the “pump and dump” notion where the price of Chia coin is driven and a large supply of crypto coins sold on the market, sending its price crashing while the original investors offload their holdings for huge profit margins.
Chia coin later in May again saw its mining process called into questioning as its eco-friendly tag was revealed to be a hoax as many saw it as just another coin claiming to have reduced its carbon footprint to gain mass adoption. Chia Coin mining was reportedly damaging than what was reported earlier on as farmers burned through SSD or HDD’s way quicker than they should, causing a spike in the price of computer hardware in China, where mining is predominant. Chia’s carbon footprint
Regardless of its troubles, executives at Chia Network revealed last month that, the company planned to go public through an initial public offering (IPO) or a special purpose acquisition company (SPAC). Chia network Inc. later in May secured over $60 million in a funding round which was led by a bunch of companies including Richmond Global Ventures and the known Andreessen Horowitz, with others such as Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC participating, subsequently earning the company a $500 million valuation.
“Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use the currency to hedge public market volatility, which is different from other coins,” COO of the company Gene Hoffman stated after the funding. Mr. Hoffman added that these resources will be used to keep hiring manpower and fuel the promotion of the cryptocurrency as an alternative to the bigger digital coins in the crypto space, like Bitcoin.
Mr. Hoffman also suggested that the latest round of investment gave the company the needed insight into what they might achieve with an IPO.