Richmond Global Ventures and Andreessen Horowitz co-lead round to accelerate Chia’s adoption across financial institutions, governments and consumers
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 Chia Network’s blockchain and smart coin platform will solve the urgent need to replace existing outdated financial technology, which so often works only within just a few jurisdictions.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.”
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