Crypto News: On Friday, crypto startup Chia Network Inc. indicates that it is one step closer to launching an initial public offering (IPO) in the United States. The company acknowledged that it has filed a confidential draft of registration with the U.S. Securities and Exchange Commission, but the size and price range for the offering remain unknown.

Chia Network looks at Wall Street

Blockchain and smart contract platform Chia Network, founded by Bram Cohen – inventor of BitTorrent – joins other digital asset companies looking to go public. Kraken, a prominent cryptocurrency exchange in the United States, has previously announced its intention to become a publicly traded company later this year.

In its official pricing release, the company was quoted as saying:

Chia Network Inc. announced today that it has confidentially filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) regarding the proposed initial public offering of its common stock.

Chia, which was valued at approximately $500 million in 2021, had plans for a public offering dating back to the 2021 bull run. At that point, Chia was reported to have raised $61 million in a Series D fundraising round led by well-known venture capital firm Andreessen Horowitz (a16z).

Read more: Will this latest development push the price of Cardano (ADA) above $1?

XCH price skyrockets

In the wake of this crypto news, both the XCH community and the larger cryptocurrency market reacted positively to the announcement. Moreover, market participants believe that this could ultimately result in a bullish scenario for the XCH token, which currently has a market cap of $315 million.

The Chia Network’s native token, XCH, rose about 15% to a daily high of $45.35 – while trading volume peaked at 102% in the past 24 hours. As things stand, the price of XCH is currently changing hands at $44.96, representing a gain of 19.32% recorded over the past seven days.

Also Read: ETH vs BTC: Why Ethereum Price Could Hurt In The Short Term?

Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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