Chia Network, a programmable money platform created by BitTorrent founder Bram Cohen, has raised $61 million in Series D funding, Bloomberg reported.
- Venture capital giants Andreessen Horowitz (a16z) and Richmond Global Ventures led the funding round.
- Chia now has a valuation of about $500 million, according to an unnamed source, more than double the company's previous valuation.
- Cohen has been saying for several years he intends to take the San Francisco-based company public.
- The company plans to use the funding for hiring and to become a payment method for financial services firms, government and other institutions.
- Richmond Global Ventures managing partner David Frazee will join Chia’s board, according to the report. He invested individually in the firm.
- A16z first invested in Chia in 2018.