XCH Token Skyrockets 15% As Chia Network Files For U.S. IPO

Crypto News: On Friday, crypto startup Chia Network Inc. announced that it has taken a step closer to launching an initial public offering (IPO) in the United States. The company acknowledged that it has submitted a confidential draft registration to the U.S. Securities and Exchange Commission, however, the size and price range for the offering

Timeline of Chia-network

Blockchain network Chia Network (XCH) recently announced plans to launch an initial public offering (IPO) by submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission.

Blockchain network Chia Network (XCH) submitted a draft registration statement on Form S-1 for a proposed initial public offering (IPO)to the U.S. Securities and Exchange Commission, according to an April 14 press statement. Chia said the size and price range for the proposed offering were yet to be determined.

Chia Network CEO Gene Hoffman has argued that the XCH token is not a security, however, the company was working to register with the United States Securities and Exchange Commission (SEC).

SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Chia Network, Inc. ("Chia" or the "Company"), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced the transition of Bram Cohen from CEO to Chairman of the Board, Founder, and Chief Technology Officer, and Gene Hoffman assuming the role of President and Chief Executive Officer.

Like most cryptocurrencies, Chia (XCH) saw a major price decline over the past year. However, in recent weeks and even months, most of the crypto market has been struggling to shake off the bears and grow again. Chia, however, has had less success in this field, and even in the last three months, the token saw almost no attempts at recovery; it just kept sinking deeper and deeper to the current price of $31.58.