The bear has claimed extra victims: blockchain and smart-contract platform Chia Network introduced as we speak that it has fired almost 30 of its employees, on the time the corporate is making strikes to go public within the US.
According to the put up on the venture’s Twitter account, Chia has “eliminated 26 positions” throughout the Network.”
It stated that,
“The Crypto Winter, business skepticism, and banking crises have created a difficult funding setting. We’ve lower prices throughout the org, scaled again budgets, and confronted a black swan occasion of our underwriter failing.”
The project is still focused on creating sustainable teams and processes that will drive enterprise adoption on the Chia blockchain, it added.
Commenters seem to be sympathetic, but many also argue that Chia may be too focused on the US and that it should spread its wings into other markets.
Others opined that it is not uncommon for a software company to over-hire when going for an initial public offering (IPO).
Meanwhile, some requested the team share more information.
Further IPO Roadblocks
Its FAQ page notes that Chia was incorporated in August 2017 to develop an improved blockchain and smart transaction platform.
“Called Proof of Space and Time, it was created by Bram Cohen, one of the best community protocol engineer alive and the inventor of BitTorrent,” it states.
The company filed with the US Securities and Exchange Commission (SEC) this year to kick off the IPO process.
But this latest event may have delayed its listing further, following the baking partner Credit Suisse crisis.
Cryptonews reached out to Chia for comment.
Per the website,
“Chia intends to finish a completely compliant SEC-registered fairness IPO and can come to market as market-timing is amenable after the launch of mainnet.”
Meanwhile, the company still has positions open. It offers five jobs in engineering, business development, and “basic curiosity.”
Chia Price Plummets
Commenters have pointed out the abrupt price drop of the project’s native coin over the past 24 hours.
On Tuesday morning (UTC), XCH was down 14.1% to $23.77. It is also down 12% over the past seven days and 19% over a month.
XCH 7-day price chart:
The coin noticed its all-time excessive of $1,645 in May 2021, falling 98% since. That stated, it had hit its all-time low of $23.19 as we speak.
Its market capitalization is $206.5 million, and it recorded a 24-hour buying and selling quantity of $29.37 million.
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Learn extra:
– Eco-Friendly Crypto Startup Chia Network Pursues US IPO with Confidential Filing
– Chia Network ‘Opened Discussions’ With Investors, Debuts On Exchanges
– Chia In Spotlight Amid Global Hard Disc Shortage
– Asset-Backed Tokens Gain Popularity in Challenging ICO Landscape
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