Blockchain platform Chia Network Inc. is planning to go public as soon as this year after more than doubling its valuation in its last fundraising, according to Fortune.
- President and Chief Operating Officer Gene Hoffman said a traditional initial public offering is in the works this year, and a merger with a special purpose acquisition company is also possible.
- The IPO is targeted “relatively quickly” to clarify the regulatory environment and enable customers to use currency to hedge volatility.
- Chia raised $61 million from investors including Richmond Global Ventures, Andreessen Horowitz, Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC.
- The digital currency platform was valued at about $500 million in the latest funding round.
- Hoffman described the latest funding as “rocket fuel” that will finance hiring and will bring the company a step closer to be a system used by governments, banks, and institutions.