The altcoin project, which has submitted a draft statement to the SEC for its initial public offering (IPO), is pushing its intraday earnings into double digits. The size and price range of the offer has yet to be determined…
This altcoin has filed with the SEC for its proposed IPO
Blockchain and smart contract platform Chia Network (XCH), founded by BitTorrent inventor Bram Cohen, has submitted a draft statement to the SEC for a proposed IPO. Chia reported that the size and price range of the offer has yet to be determined. The IPO is expected to begin after the SEC completes its review process.
In February, CEO Gene Hoffman shared that the company is working to register with the financial regulator. At the time, Hoffman said the company planned to register its Chia stock with the SEC to legalize its operation. The new draft statement released today confirms that the move could have a positive impact on XCH.
Chia (XCH) price rises in double digits
XCH, which is trading at 120th place by market value, started to rise gradually after the news. At the time of writing, it keeps its intraday earnings around 15%. Its price climbed from $40 to a daily low of $46. The upward momentum continues before it encounters a big sell-off.
What awaits altcoin investments?
IPO is an abbreviation for “Initial Public Offering”, which means “IPO”. It means that the shares of a company are offered to the public for the first time on the stock market. Chia (XCH) is now looking to go public with shares in the company, as Coinbase did in 2021. In the case of Coinbase, the development has been fruitful in terms of the COIN price. The blockchain network reported that the IPO is “expected to begin once the SEC has completed its review process.”
Chia launches ‘undo’ feature
Meanwhile, the Chia network has introduced a rollback feature to the Blockchain network. This feature allows its users to roll back sent XCH and TXCH transactions without affecting the immutability of the blockchain. According to the network, the rollback tool provides the same overall functionality and security as traditional banks with transaction reversal tools. In the official statement, the new feature was introduced as follows:
The rollback agent acts as an intermediate token that cannot be sent to a destination address until a specified time lock expires. The time lock provides a buffer window for users to “take back” and return the intermediate coin as standard XCH to their wallet.
About Chia (XCH)
Chia Network was created to manage the real-world use and application of Blockchain. Founded by Bram Cohen, the inventor of BitTorrent, Chia provides a secure, sustainable and regulatory blockchain that sets the standard for cryptocurrency infrastructure and inclusive access to global, decentralized finance. cryptocoin.com We have included details about the project in this article.
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