SAN FRANCISCO--(BUSINESS WIRE)--Chia Network Inc., a company built around a new energy efficient decentralized blockchain and smart transaction platform founded by Bram Cohen, has secured a $61 million Series D Preferred equity investment led by Richmond Global Ventures and Andreessen Horowitz, with participation from True Ventures, Slow Ventures, Cygni Capital, Breyer Capital, Naval Ravikant, Collab+Currency and DHVC. As a part of that transaction, David Frazee from Richmond Global Ventures will join Chia’s board.
The proceeds from the financing will accelerate Chia Network’s mission to operate a more energy-efficient, secure and user-friendly payment system for governments, financial institutions, corporations and consumers worldwide.
Bram Cohen, Founder and CEO, said: “We are excited to welcome such a prestigious and proven group of investors who support our mission to radically improve global financial and payments systems. The market is ready for an eco-friendly and more decentralized blockchain, and Chia Network is the only platform capable of delivering this vision at a global scale.”
Chia is differentiated from other cryptocurrency platforms: Built on a new blockchain with radically different features and enhanced security, Chia’s network will transform trust and transparency for monetary, financial and commercial applications, including by streamlining secure and auditable cross border payments, smart contracts and financial transactions as well as by facilitating lending, escrow payments, institutional custody and distributed identity.
Gene Hoffman, President & COO, added: “The adoption of Chia in global commerce has just secured the needed resources to rapidly accelerate the build-out of our financial services infrastructure around the world. Chia Network’s blockchain and smart coin platform will solve the urgent need to replace existing outdated financial technology, which so often works only within just a few jurisdictions. The adoption of Chia’s smart money will break new ground with enhanced levels of security, trust, transparency and functionality.”
David Frazee, Managing Partner at Richmond Global Ventures, said: “Chia redesigns Bitcoin from the ground up, taking everything that is right and addressing all its issues with energy usage, security, regulatory compliance and ease of use. Bram Cohen is the world’s leading decentralized network architect, and he has created a platform that will finally make the blockchain a secure and regulatorily compliant tool for governments, monetary authorities, multinationals and financial institutions.”
Katie Haun, General Partner at Andreessen Horowitz, added: “In the last few years we’ve seen increased demand for a modern store of value that is secure, durable, portable and censorship-resistant. What makes Chia stand out is its promise to deliver this new digital alternative while being energy efficient and highly decentralized.”
About Chia Network
Chia Network, Inc. was founded by Bram Cohen, the inventor of BitTorrent. Chia Network is a state-of-the-art open-source decentralized blockchain, digital currency and smart transaction platform. Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia aims to operate an eco-friendly, more secure and user-friendly payment system for cross border payments, issuing financial assets, lending, escrow payments, institutional custody and distributed identity. Chia’s “Proof of Space and Time” based blockchain reduces waste in “Proof of Work” based blockchains. Built to run Chialisp, the company’s newly developed smart coin language, Chia’s blockchain allows its users to build and execute secure "smart coin" transactions.
Chia Networks believes that “digital money” should be easier to use than cash, harder to lose and nearly impossible to steal. The Company is funded by leading venture capitalists, including Richmond Global Ventures, Andreessen Horowitz, Slow Ventures, True Ventures , Naval Ravikant, Galaxy Digital, Greylock, Cygni Capital, Breyer Capital, MetaStable, Stillmark, DCM, Collab+Currency, DHVC and others. The Company’s Advisors include Dr. Dan Boneh, Research Partner at Andreessen Horowitz and Applied Cryptography Professor at Stanford University; and Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria; and Katie Haun, General Partner at Andreessen Horowitz. For more information, visit chia.net and connect with us on Twitter (@chia_project), Facebook, GitHub, Reddit, and LinkedIn.