XCH Skyrockets 8% After Chia Network Announces Proposed IPO to SEC

Key Points:

• Blockchain network Chia Network submits proposed IPO registration to SEC.
• Chia is working to register with the financial regulator to make its operation legal.
• Chia introduces clawback feature into its blockchain network allowing users to revert sent transactions.

Blockchain network Chia Network (XCH) recently announced plans to launch an initial public offering (IPO) by submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission.

The announcement was made in an April 14 press statement by Chia Network.

While the size and price range of the proposed offering are yet to be determined, the company is confident that the IPO will commence soon after the SEC completes its review process. This move is in line with the company’s plan to make its operations legal by registering Chia equity with the SEC.

In February, CEO Gene Hoffman hinted that they were working to register with the financial regulator. Hoffman also argued that their XCH token was not a security as it had not yet been sold to the public.

To further its goal of providing a seamless experience for its users, the Chia network has introduced a clawback feature into its blockchain network. The feature would allow users to revert sent XCH and TXCH transactions without impacting the immutability of the blockchain, thus providing the same general functionality and security as traditional banks with transaction reversal tools.

According to the network, the clawback tool functions as an intermediate coin that cannot be sent to a destination address until a designated time lock has expired. The timelock offers a buffer window for users to “claw back” and return the intermediate coin to their wallet as standard XCH. This new feature is expected to boost user confidence in the network and attract more users to adopt the Chia blockchain technology.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News