Chia completes $61 million in financing, IPO as soon as this year

May 25 – Chia announced that it has doubled its market capitalization to $500 million after raising $61 million in a Series D round led by Richmond Global Ventures and Andreessen Horowitz (A16z).

Chia completes  million in financing, IPO as soon as this year

Chia Network, the blockchain and digital currency platform created by BitTorrent creator Bram Cohen, announced on May 25 that Chia has raised $61 million in Series D funding led by Richmond Global Ventures and Andreessen Horowitz (A16z) after doubled its market cap to $500 million after raising $61 million.

The San Francisco-based company was valued at about $500 million in the Series D round, people familiar with the matter said. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab + Currency and DHVC also participated in the round.

Gene Hoffman, president and COO of Chia, said in an interview, “We wanted digital currency to be easier to use than cash.”

He called the new funding “rocket fuel” to accelerate the company’s ambition to recruit and become a transaction and payment system used by governments, banks and other institutions.

Hoffman said the company is looking to do an IPO as soon as possible this year through traditional means, possibly by acquiring a company.

Hoffman said.

“Our goal has always been to go public relatively quickly, as this would clarify our regulatory environment significantly and allow customers to use fiat currency to hedge against volatility in the public markets, unlike other tokens.”
Chia describes itself as eco-friendly, saying its operations consume less energy than traditional mining. The company is now the largest storage-related blockchain, almost twice as large as Filecoin, Hoffman said.

David Frazee, managing partner at Richmond Global Ventures, said the Chia token is auditable, secure and compliant with regulations, making it friendly for both monetary authorities and multinational companies.

He said, “If the knowledge of the last 13 years were used to redesign Bitcoin, that’s what Chia would look like.” Frazee will join Chia’s board of directors and has made a personal investment in the company in 2018.

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