Chia

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125916/332491/adobestock-ryanking999-1.jpeg" alt="" srcset="https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_4220_2814.jpeg 4220w, https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_900_600.jpeg 900w, https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125916/332491/responsive-images/adobestock-ryanking999-1___media_library_original_300_200.jpeg 300w" sizes="100vw" width="4220" class="content-img"><figcaption>Source: AdobeStock / ryanking999</figcaption></figure><p>The bear has claimed more victims: blockchain and smart-contract platform <strong>Chia Network</strong> announced today that it has fired nearly 30 of its staff, at the time the company is making moves to go public in the US.&nbsp;</p><p><a href="https://twitter.com/chia_project/status/1708957094282711548">According</a> to the post on the project's Twitter account, Chia has "eliminated 26 positions" across the Network."</p><p>It stated that,</p><blockquote><p>"The Crypto Winter, industry skepticism, and banking crises have created a challenging funding environment. We&rsquo;ve cut costs across the org, scaled back budgets, and faced a black swan event of our underwriter failing."&nbsp;</p></blockquote><p>The project is still focused on creating sustainable teams and processes that will drive enterprise adoption on the Chia blockchain, it added.</p><div class="raw-html-embed"><blockquote class="twitter-tweet" data-conversation="none"><p lang="en" dir="ltr">To those impacted: We&rsquo;re losing great people. Thank you for everything you&rsquo;ve done for Chia and the ecosystem. 3/4</p>&mdash; Chia Network (@chia_project) <a href="https://twitter.com/chia_project/status/1708957431307681980?ref_src=twsrc%5Etfw">October 2, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><p>Commenters seem to be sympathetic, but many also <a href="https://x.com/EvaporatingH2O/status/1708995877203751231?s=20">argue</a> that Chia may be too focused on the US and that it should <a href="https://x.com/Sir_CapitaliSt/status/1709096155869483328?s=20">spread</a> its wings into other markets.&nbsp;</p><p>Others <a href="https://x.com/ProofOfSynthNFT/status/1709100237833539957?s=20">opined</a> that it is not uncommon for a software company to over-hire when going for an initial public offering (IPO).</p><p>Meanwhile, some requested the team share more information.</p><div class="raw-html-embed"><blockquote class="twitter-tweet" data-conversation="none"><p lang="en" dir="ltr">Can you please elaborate on the event of &ldquo;your underwriter failing&rdquo;? What exactly happened, and what does this mean for the company? Thank you</p>&mdash; Darin (@dogbones41) <a href="https://twitter.com/dogbones41/status/1709022286312014050?ref_src=twsrc%5Etfw">October 3, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><h2 id="further-ipo-roadblocks">Further IPO Roadblocks</h2><p>Its FAQ page <a href="https://www.chia.net/faq/">notes</a> that Chia was incorporated in August 2017 to develop an improved blockchain and smart transaction platform.&nbsp;</p><p>"Called Proof of Space and Time, it was created by Bram Cohen, the best network protocol engineer alive and the inventor of <strong>BitTorrent</strong>," it states.&nbsp;</p><p>The company <a href="https://cryptonews.com/news/eco-friendly-crypto-startup-chia-network-pursues-us-ipo-with-confidential-filing-heres-the-latest.htm">filed</a> with the US <strong>Securities and Exchange Commission</strong> (<a href="https://cryptonews.com/news/circle-files-amicus-brief-secs-binance-lawsuit-says-stablecoins-are-not-securities.htm">SEC</a>) this year to kick off the <a href="https://cryptonews.com/tags/ipo/">IPO</a> process.</p><p>But this latest event may have delayed its listing further, following the baking partner <strong>Credit Suisse</strong> <a href="https://www.reuters.com/business/finance/credit-suisse-how-did-it-get-crisis-point-2023-03-16/">crisis</a>.&nbsp;</p><p><i>Cryptonews</i> reached out to Chia for comment.</p><p>Per the website,</p><blockquote><p>"Chia intends to complete a fully compliant SEC-registered equity IPO and will come to market as market-timing is amenable after the launch of mainnet."</p></blockquote><p>Meanwhile, the company still has positions open. It <a href="https://www.chia.net/careers/">offers</a> five jobs in engineering, business development, and "general interest."</p><h2 id="chia-price-plummets">Chia Price Plummets</h2><p>Commenters have pointed out the abrupt price drop of the project's native coin over the past 24 hours.</p><p>On Tuesday morning (UTC), XCH was down 14.1% to $23.77. It is also down 12% over the past seven days and 19% over a month.&nbsp;</p><p><strong>XCH 7-day price chart:</strong></p><figure class="image"><img src="https://cimg.co/news/125916/332487/screenshot-2023-10-03-173840.jpg" alt="" srcset="https://cimg.co/news/125916/332487/responsive-images/screenshot-2023-10-03-173840___media_library_original_827_472.jpg 827w, https://cimg.co/news/125916/332487/responsive-images/screenshot-2023-10-03-173840___media_library_original_720_411.jpg 720w, https://cimg.co/news/125916/332487/responsive-images/screenshot-2023-10-03-173840___media_library_original_600_342.jpg 600w, https://cimg.co/news/125916/332487/responsive-images/screenshot-2023-10-03-173840___media_library_original_300_171.jpg 300w" sizes="100vw" width="827" class="content-img"><figcaption>Source: coingecko.com</figcaption></figure><p>The coin saw its all-time high of $1,645 in May 2021, falling 98% since. That said, it had hit its all-time low of $23.19 today.&nbsp;</p><p>Its market capitalization is $206.5 million, and it recorded a 24-hour trading volume of $29.37 million.&nbsp;</p><p>____</p><h2 id="learn-more">Learn more:&nbsp;</h2><p>- <a href="https://cryptonews.com/news/eco-friendly-crypto-startup-chia-network-pursues-us-ipo-with-confidential-filing-heres-the-latest.htm">Eco-Friendly Crypto Startup Chia Network Pursues US IPO with Confidential Filing</a><br>- <a href="https://cryptonews.com/news/chia-network-opened-discussions-with-investors-debuts-on-exc-10148.htm">Chia Network 'Opened Discussions' With Investors, Debuts On Exchanges</a><br><br>- <a href="https://cryptonews.com/news/chia-in-spotlight-amid-global-hard-disc-shortage-10502.htm">Chia In Spotlight Amid Global Hard Disc Shortage</a><br>- <a href="https://cryptonews.com/exclusives/asset-backed-tokens-gain-popularity-in-challenging-ico-lands-1693.htm">Asset-Backed Tokens Gain Popularity in Challenging ICO Landscape</a></p>
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Chia Network Faces IPO Setback, Lays Off 26 Workers – Bear Market Woes Continue?

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