April

Chia

BitTorrent

<div class="cryptonews"> 
 <p class="is-style-lead">The San Francisco-headquartered firm fired 26 employees in an effort to go public despite banking challenges.</p> 
 <p>Chia Network Inc., the firm behind the Chia blockchain, has cut 26 “positions” as it still eyes an initial public offering.</p> 
 <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"> 
    <p lang="en" dir="ltr">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</p>— Chia Network (@chia_project) October 2, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>In an X post on Tuesday, Oct. 3, the firm said the move was made due to a “challenging funding environment” triggered by the crypto winter, <a rel="noopener noreferrer nofollow" title="industry" href="https://thebittimes.com/tag/industry.html">industry</a> <a rel="noopener noreferrer nofollow" title="skepticism" href="https://thebittimes.com/tag/skepticism.html">skepticism</a>, and <a rel="noopener noreferrer nofollow" title="banking" href="https://thebittimes.com/tag/banking.html">banking</a> <a rel="noopener noreferrer nofollow" title="crises" href="https://thebittimes.com/tag/crises.html">crises</a>.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“We’ve cut costs across the org, scaled back budgets, and faced a black swan event of our underwriter failing.”</p> 
  <p>Chia Network Inc.</p> 
 </blockquote> 
 <p>The move comes after Chia lost its banking partner, Switzerland’s Credit Suisse, which collapsed in March 2023. Chia CEO Gene Hoffman said the firm has already secured a new banking relationship for its IPO, but did not name the financial institution.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Chainalysis lays off 15% of staff to curb expenses 
 </div> 
 <p>In April 2023, Chia Network Inc. filed IPO paperwork 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 <a rel="noopener noreferrer nofollow" title="banking" href="https://thebittimes.com/tag/banking.html">banking</a> 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.”</p> 
 <p>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 consensus algorithm called “proof of space and time”, which allows network participants “to farm” XCH, a native token of the Chia network.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> BTC optimism sparks as exchange supply hits 6-year low 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/chia-network-cuts-staff-citing-banking-crises-and-industry-skepticism-tbt65000.html">https://thebittimes.com/chia-network-cuts-staff-citing-banking-crises-and-industry-skepticism-tbt65000.html</a></p>

Chia Network cuts staff, citing banking crises and industry skepticism

TheBitTimes

2023년 10월 3일에 게재된 다른 기사

Trader Warns Bitcoin Reversal Likely Based on Historical Precedent, Updates Outlook on Chainlink

Q4 Ushers in Bullish Momentum for Bitcoin: Here’s Why

Crypto losses reach $685m in Q3, amount to $1.3b in 2023

Bitcoin’s Price Dips Below $28K as Traders Take Profits

Why is the Crypto Market Down Today?

Nigeria’s Ambitious Plan: Creating 50,000 Jobs through AI by 2030

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!