Chia Network Lays Off a Third of Staff, Sells Tokens After Losing Bank Partner Credit Suisse
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Chia Network cut a third of its workforce and plans to sell some of its tokens due to funding issues caused by loss of banking partner Credit Suisse.
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The company had filed to go public 5 months ago but the loss of Credit Suisse derailed the process. Chia just secured a new US bank to restart the IPO process.
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CEO Gene Hoffman says the layoffs allow the company to reduce expenses and extend its runway as it works with the SEC on going public.
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Chia has taken a compliant approach with the SEC compared to much of crypto industry, but still faces uncertainty on timing.
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The company recently determined its XCH token likely satisfies standards as a digital commodity, allowing it to sell some of its reserves.