Chia Network Progresses Towards IPO, CEO Reveals

According to PANews, Chia Network, a cryptocurrency storage blockchain project and smart trading platform, has made progress towards its Initial Public Offering (IPO), as revealed by CEO Gene Hoffman. Following a comment letter from the U.S. Securities and Exchange Commission (SEC), Chia secretly submitted a revised S-1 form to the SEC at the end of March. However, the timeline for the IPO remains uncertain as the company awaits suitable market conditions. Previously, Chia had disclosed plans to go public in April 2023. However, the IPO plans were hindered due to financial difficulties faced by its underwriter, Credit Suisse. This led to the company laying off a third of its staff in October last year. In addition to the IPO developments, Hoffman also shared that Chia plans to launch a USDC cross-chain bridge and other infrastructure projects in the coming months.