Traditional investors may be able to get in on the Chia (CCC:XCH-USD) crypto without having to ever buy the digital asset thanks to initial public offering (IPO) plans.
Here’s everything investors need to know about Chia, its crypto, and the IPO talk.
- Gene Hoffman, president and COO of Chia, revealed the company’s plans to go public during an interview with Fortune.
- He said that it plans to hold an IPO as early as this year.
- Hoffman also didn’t rule out the company going public through a special purpose acquisition company (SPAC) merger.
- According to him, the goal with Chia was always to go public early.
- The idea is that this clarifies its “regulatory environment and allow customers to use currency to hedge public market volatility.”
- It’s worth pointing out that this IPO news from Chia comes after the crypto company completed a recent round of funding.
- This saw it bring in $61 million and almost double its value to $500 million.
- Richmond Global Ventures, Andreessen Horowitz, Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC all participated in the funding round.
- Richmond Global Ventures is also adding managing partner David Frazee to the Chia Board.
- Frazee has shown interest in Chia previously when he personally invested in the company in 2018.
- Chia has been gaining traction among crypto investors interested in green options.
- It uses a Proof of Space concept instead of Proof of Work for mining.
- Chia Networks, the company behind the crypto was founded by BitTorrent inventor Bram Cohen.
- Mitch Edwards, former CEO of Overstock.com (NASDAQ:OSTK), is also connected to the company.
- There’s also Hoffman, who’s the founder and former CEO of eMusic.com and Vindicia.
XCH was down 9.6% over a 24-hour period as of Tuesday morning.
There’s plenty of other recent crypto news that investors should keep tabs on today.
Luckily for them, InvestorPlace has them covered with all the latest crypto news. That includes what they need to know about BitTorrent (CCC:BTT-USD), Polygon (CCC:MATIC-USD), and Dogecoin (CCC:DOGE-USD). Investors can get up to speed at the following links.
More Crypto News for Tuesday
- BitTorrent Will Always Be Haunted By Its Pirate Past
- Polygon May Very Well Be the Next Altcoin to Take to the Skies
- Dogecoin News: 9 Things to Know About the Platform Bridging DOGE and NFTs
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.