Chia Network Faces IPO Setback, Lays Off 26 Workers – Bear Market Woes Continue?

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By BitcoinWiki News

Key Takeaways:

– Blockchain platform Chia Network has fired nearly 30 staff members as it prepares to go public in the US.
– Chia cited a challenging funding environment, industry skepticism, and a failed underwriter as reasons for the workforce reduction.
– Commenters suggest that Chia should expand into other markets beyond the US.
– The firing of staff may further delay Chia’s initial public offering (IPO) process.
– Chia’s native coin, XCH, has experienced a significant drop in price, with a 98% decrease since May 2021.
– Chia Network still has open positions available in engineering, business development, and general interest.
– Chia aims to complete a fully compliant SEC-registered equity IPO.
– The company recorded a 24-hour trading volume of $29.37 million and has a market capitalization of $206.5 million.


Blockchain and smart-contract platform Chia Network has fired nearly 30 of its staff as it makes moves to go public in the US. The company cited the challenging funding environment created by the “Crypto Winter,” industry skepticism, and banking crises as reasons for the layoffs. Chia Network is still focused on creating sustainable teams and processes to drive enterprise adoption on its blockchain. Commenters suggested that Chia should expand into other markets and requested more information about the company’s underwriter failing. The firing of staff may further delay Chia Network’s IPO process. The company filed with the US Securities and Exchange Commission (SEC) this year but may face delays due to the recent crisis surrounding its banking partner, Credit Suisse. Despite the layoffs, Chia Network still has open positions in engineering, business development, and other areas. The price of Chia’s native coin, XCH, has seen a sharp drop in the past 24 hours, down 14.1% to $23.77. The coin’s all-time high was in May 2021 at $1,645, but it has since fallen 98%. The market capitalization of Chia Network is $206.5 million, with a 24-hour trading volume of $29.37 million.

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