The CEO of Chia Network (XCH), which runs its blockchain with a unique consensus process, stated on Thursday that the company is moving closer to launching an IPO. Following a letter of comment from the regulators, the company filed a revised S-1 form with the U.S.

Financial Difficulties

Securities and Exchange Commission in confidence, CEO Gene Hoffman disclosed at a conference held in Manhattan by the legal firm Brown Rudnick.

He then told CoinDesk that the company wants to wait for the ideal market conditions, thus there is still no set date for the IPO.

Chia declared its intention to go public in April 2023, but its initial public offering (IPO) preparations were delayed due to financial difficulties at Credit Suisse, the company’s underwriter.

Proof Of Time

Chia had to fire a third of its employees as a result in October. Bram Cohen, the creator of the BitTorrent peer-to-peer filesharing system, established Chia.

In contrast to Ethereum and Bitcoin, which employ proof-of-stake and proof-of-work, respectively, Chia employs proof-of-space and proof-of-time, which essentially entails the distribution of computer storage across global machines.

Hoffman stated that Chia intends to launch more infrastructure initiatives in the upcoming months, along with a bridge for Circle’s USDC stablecoin.

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