Chia Network Lays Off Third of Its Staff as Loss of Banker Delayed Going Public

Chia Network joins the steady trend of crypto firms cutting staff, saying its loss of banking partner Credit Suisse caused a costly delay of its effort to list as a public company. Chia Network cut more than a third of its workforce today as the blockchain platform sought to reestablish a lost banking relationship. The open-source software business, which had prided itself on seeking a U.S.-compliant route to establishing its listing on a U.S. exchange, informed 26 of its 70 employees today that their jobs were ending. That move comes five months after Chia filed with the Securities and Exchange Commission (SEC) to start its process to go public.

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