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Chia Network’s IPO is expected to clarify its regulatory environment and protect customers from market volatility by allowing them to use currency.
Chia Network Inc plans to go public via an IPO this year with high consideration of a SPAC merger just a month after launching. The company raised $61 million from investors such as Richmond Global Ventures and Andreessen Horowitz. This more than doubled its valuation to $500 million. Breyer Capital, Slow Ventures, True Ventures, Naval Ravikant, Cygni Capital, DHVC, and Collab+Currency also participated in the funding round.
Chia’s president and COO Gene Hoffman said that the IPO would make crypto easier to use than cash. He added that the recent investment would fuel the company towards becoming an exchange and payment system for companies, governments, and banks among other institutions.
Chia Network’s IPO is expected to clarify its regulatory environment and protect customers from market volatility by allowing them to use currency, according to Hoffman.
Founded by BitTorrent inventor Bram Cohen, Chia coin (XCH) has been dubbed the ‘green altcoin’ due to its low energy footprint. Mining utilizes Proof-of-Space-and-Time rather than the traditional Proof-of-Work, a hallmark that has attracted many investors interested in going green. The company also takes pride in being the most extensive blockchain storage, handling almost double that of Filecoin.
David Frazee of Richmond Global Ventures and now part of Chia’s board said the coin is friendlier for multinationals and monetary authorities. This is due to its suitability, security, and regulatory compliance.
Chia Coin (XCH) Price amidst IPO Plans
The Chia coin price has been quite volatile since its launch when it was valued at $1,595.04 and traded between $745.79-$1,934.51. Three days later the coin dropped to $561.89 then moved back up to $1,443.56 on May 8. On May 10, prices dropped down to below $1000.
Chia price is now 6% down. Currently, its price is $692.95. The highest value of the coin was $1,692.62 on May 14 but this has dropped down to between $700-$800 in the past few days. Last month’s price hikes occurred following Sabrent’s disclosure of new plotting techniques to improve hard disk resilience for miners.
Forecasters predict bullish Chia coin prices with a climb of up to $1,240.75 by the end of the year and a doubling of this by the end of 2022. Long-term predictions project prices of $4,453.27 by the end of 2025 and $5,084.41 by around mid-2026.
Other forecasters are bearish on the coin’s future, showing that it could rise to $1,200 in June but will ultimately fall to zero by the end month. More analysts show bearish predictions than bullish.