Investment

Chia: $61 million in funding, a $500 million valuation, and aspirations for an IPO in 2021

The most “green” cryptocurrency raised $61 million in fundraising from prominent investors, including Andreesen Horowitz and Richmond Global Ventures.

The Chia team, managed by Bram Cohen, had a $500 million valuation when the Serie D was funded. This statistic is twice as accurate as a prior prediction for a bitcoin business. Cygni Capital, Breyer Capital, Naval Ravikant, and DHVC are among the other investors in Chia.

Gene Hoffman, one of the business’s directors, stated that the money received would be fantastic “fuel” for the firm. They want to utilize them to attract new employees and create a payment network that will be used by representatives from world governments, banking institutions, and other financial system players.

Chia CEO Bram Cohen stated that the company plans to go public by the end of 2021. Alternatively, the team may explore forming a partnership with another company. According to Gene Hoffman, the key motivation for becoming “public,” according to Gene Hoffman, was to clarify the circumstances for regulators and, in particular, their clients, allowing them to hedge risks.

Chia’s board of directors now includes the CEO of Richmond Global Ventures, one of the companies invested in Cohen’s firm. He described eco-cryptocurrency as a perfect answer for international businesses, underlining that Chia is what Bitcoin might be if developed today, given the crypto community’s 13-year history and understanding.

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