Chia Network announces it has laid off a third of its workforce as loss of banking partners delays IPO plan
On October 2, according to CoinDesk, Chia Network announced today that it had laid off one-third of its workforce, laying off 24 of its 70 employees, saying that the company’s listing was delayed due to the loss of banking partner Credit Suisse. Chia CEO Gene Hoffman said that although it has laid off employees, it is still considering selling some of its XCH tokens for the first time as backup funds for its IPO. Chia currently holds 2.6 million XCH, worth approximately $70 million. Chia said last week it had established a new banking relationship, but it was still awaiting review by the U.S. Securities and Exchange Commission.
On October 2, according to CoinDesk, Chia Network announced today that it had laid off one-third of its workforce, laying off 24 of its 70 employees, saying that the company’s listing was delayed due to the loss of banking partner Credit Suisse. Chia CEO Gene Hoffman said that although it has laid off employees, it is still considering selling some of its XCH tokens for the first time as backup funds for its IPO. Chia currently holds 2.6 million XCH, worth approximately $70 million. Chia said last week it had established a new banking relationship, but it was still awaiting review by the U.S. Securities and Exchange Commission.