May 28, 2023

Chia Network agrees IPO with US regulator

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Chia Network agrees IPO with US regulator

Representatives of the blockchain company Chia Networkannounced that on April 14 they filed an application with a request for an initial public offering (IPO) in the form S-1 to the US Securities and Exchange Commission (SEC).

Founded by the developer of the Bittorrent protocolBram Cohen, the company is about to go public. Its main product, Chia (XCH), uses an unusual Proof of Space and Time (PoST) consensus algorithm to replace the most common PoW-PoS and uses storage space on storage devices like hard drives to validate transactions. In fact, users are rewarded for providing free disk space for the project to work.

Against the background of the news about a possible IPO, the XCH rate rose by more than 14%. On Sunday afternoon, April 16, the token is trading around $45.

This is not the only cryptocurrency that has risen in price over the past week. The positive dynamics of the cost is observed in bitcoin and some other large altcoins.