Chia Network (XCH), known for its innovative consensus mechanism for running its blockchain, has made progress toward its initial public offering (IPO), according to its CEO. The company submitted a revised S-1 form to the U.S. Securities and Exchange Commission in late March, following comments from regulators. Although Chia Network aims to go public, there is no set timeline for the IPO as the company is waiting for optimal market conditions.
Chia announced in April 2023 its intention to go public, but its IPO plans were delayed due to financial challenges at Credit Suisse, its underwriter, causing the company to lay off a third of its staff in October.
Chia Network was established by Bram Cohen, the creator of the BitTorrent peer-to-peer file-sharing protocol. Unlike Bitcoin’s proof-of-work or Ethereum’s proof-of-stake, Chia utilises proof-of-space and proof-of-time, which involves the allocation of computer storage across machines worldwide.
Hoffman mentioned that Chia plans to launch a bridge for Circle’s USDC stablecoin in the coming months, along with other infrastructure projects.