April

Read

Chia

BitTorrent

The San Francisco-headquartered firm fired 26 employees in an effort to go public despite banking challenges. 
Chia Network Inc., the firm behind the Chia blockchain, has cut 26 “positions” as it still eyes an initial public offering. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 We’re sharing the difficult news that we eliminated 26 positions across Chia Network today. We did not make the decision to resort to layoffs lightly. 1/4— Chia Network (@chia_project) <a href="https://twitter.com/chia_project/status/1708957094282711548?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 2, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
In <a href="https://x.com/chia_project/status/1708957094282711548?s=20" target="_blank" rel="noopener noreferrer nofollow">an X post</a> on Tuesday, Oct. 3, the firm said the move was made due to a “challenging funding environment” triggered by the crypto winter, industry skepticism, and banking crises. 
<blockquote class="wp-block-quote"> 
 “We’ve cut costs across the org, scaled back budgets, and faced a black swan event of our underwriter failing.” 
 Chia Network Inc. 
</blockquote> 
The move comes after Chia lost its banking partner, Switzerland’s Credit Suisse, which collapsed in March 2023. Chia CEO Gene Hoffman <a href="https://www.coindesk.com/policy/2023/10/02/chia-network-lays-off-third-of-its-staff-as-loss-of-banker-delayed-going-public/" target="_blank" rel="noopener noreferrer nofollow">said</a> the firm has already secured a new banking relationship for its IPO, but did not name the financial institution. 
 You might also like: <a href="https://crypto.news/chainalysis-lays-off-15-of-staff-to-curb-expenses/" rel="noopener noreferrer nofollow"> Chainalysis lays off 15% of staff to curb expenses </a> 
In April 2023, Chia Network Inc. <a href="https://www.axios.com/pro/fintech-deals/2023/04/17/blockchain-company-chia-files-confidentially-ipo" target="_blank" rel="noopener noreferrer nofollow">filed IPO paperwork</a> confidentially with the U.S. Securities and Exchange Commission (SEC). It’s unclear how long the review process will take, given that Chia has changed its banking partner. Hoffman says the firm expects it’s going to take “a little longer than average to get through the SEC for somebody like us.” 
Founded in 2017 by American computer programmer Bram Cohen, also known as the author of the BitTorrent protocol, Chia Network is a blockchain with support for smart contracts, written in a programming language called Chialisp. The network uses a <a href="https://crypto.news/glossary/consensus-in-blockchain/" target="_blank" rel="noopener noreferrer nofollow">consensus</a> algorithm called “proof of space and time”, which allows network participants “to farm” <a href="https://crypto.news/price/chia/" rel="noopener noreferrer nofollow">XCH</a>, a native token of the Chia network. 
 Read more: <a href="https://crypto.news/btc-optimism-sparks-as-exchange-supply-hits-6-year-low/" rel="noopener noreferrer nofollow"> BTC optimism sparks as exchange supply hits 6-year low </a>

Chia Network cuts staff, citing banking crises and industry skepticism

crypto.news

2023년 10월 3일에 게재된 다른 기사

Jump Trading loses $206 million in FTX collapse: Michael Lewis’ book!

Crypto Products Record $21 Million Inflows, Solana Leads Altcoin Resurgence

ADA Price Analysis: Is Cardano Price About To Experience A Price Jump?

Bitcoin Exchange Supply Crashes to 2017 Lows, Fueling Bullish Sentiment

Biden Administration to Tighten Chip Export Rules Amid Escalating US-China Tensions

SNDL Stock Price Fell 7%; Will SNDL Lose the Previous Gains?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!