The most “green” cryptocurrency managed to attract funding of $61 million from large investors such as Andreesen Horowitz and Richmond Global Ventures corporations.
By the time the Serie D was funded, the Chia team, led by Bram Cohen, had achieved a $500 million valuation. This figure is twice the predictive value of a cryptocurrency startup previously obtained. Other companies that have invested in Chia include Cygni Capital, Breyer Capital, Naval Ravikant, and DHVC.
One of the directors of the crypto startup, Gene Hoffman, said that the amount received by the company would be an excellent "fuel". They intend to use them not only to recruit new personnel but also to form a payment network that will be used by representatives of world governments, banking structures, and other participants in the financial system.
Chia founder Bram Cohen said they intend to go public by the end of 2021. Alternatively, the team may consider merging with other firms. Gene Hoffman called the main reason for the desire to become “public” the desire to clarify the conditions for regulators and, in particular, their clients, allowing them to hedge risks.
The CEO of Richmond Global Ventures, one of the corporations that have invested in Cohen's company, joins Chia's board of directors. He called the "eco-cryptocurrency" a great solution for transcontinental conglomerates, also emphasizing that Chia is what Bitcoin could potentially be if created today, given the 13-year background and knowledge accumulated by the crypto community.