Bloomberg: Chia Coin receives $61 million investment from institutions including Richmond and a16z

The "green Bitcoin" Chia Network, which uses hard drive mining, has received a $61 million investment from institutions such as Richmond and a16z, doubling its valuation.

Additional reading: What is Chia Network and its cryptocurrency Chia Coin?

Bloomberg: Chia Network Valued at $500 Million in First Round

According to a report by Bloomberg, Breyer Capital, Slow Ventures, True Ventures, and other venture capital firms participated in the first round of funding, valuing Chia Network at $500 million. Major investor Richmond Global Ventures even stated, "If Bitcoin had the accumulated knowledge of the past thirteen years, it would be the design of Chia."

Gene Hoffman, COO of Chia Network, stated, "We want to make digital currency more convenient than cash." He mentioned that this funding round would greatly assist in Chia Network's recruitment efforts and in becoming a transaction and payment system for governments, banks, and other institutions.

Possible SPAC Listing

Hoffman mentioned that the company will seek an IPO this year, but also does not rule out a SPAC (Special Purpose Acquisition Company) listing. He expressed that once the regulatory environment is confirmed to be safe and users can hedge market volatility with the currency, they will go public as soon as possible.