San Francisco based bitcoin rival, developed by the founder of BitTorrent, has raised a $3.4m seed round led by Naval Ravikant and joined by Andreessen Horowitz and Greylock.
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Energy-saving Bitcoin rival Chia raises from A16Z, plans mini-IPO
But that’s just the start of Chia’s ambitious plan to disrupt Bitcoin. It’s avoiding the often-abused ICO process that Chia president Ryan Singer says comes with “a lot of issues with regulatory uncertainty and investor protection.” Instead, it’s working with its general council and the SEC to do a mini-IPO this summer or fall through the JOBS Act’s Regulation A+ equity crowdfunding rule. That could let Chia raise a maximum of $50 million from the public, non-accredited amateur investors included.
