TechFlow news, October 2 — According to CoinDesk, Chia Network announced today that it has laid off one-third of its staff, cutting 24 out of 70 employees, after losing its banking partner, Credit Suisse, which caused delays in the company's planned IPO.
Chia CEO Gene Hoffman said that despite the layoffs, the company is still considering selling a portion of its held XCH tokens as a backup funding source for its IPO. Chia currently holds 2.6 million XCH, worth approximately $70 million.
Last week, Chia stated it had established a new banking relationship but is still awaiting review by the U.S. SEC.
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