Chia Network lays off one-third of its staff and delays its IPO plans due to the loss of banking partners

ChainCatcher news, according to CoinDesk, Chia Network announced today that it has laid off one-third of its staff, terminating 24 out of 70 employees, citing the loss of its banking partner Credit Suisse as the reason for the delay in the company's IPO.

Chia CEO Gene Hoffman stated that although layoffs have occurred, the company is still considering the initial sale of some of its held XCH tokens as backup funding for its IPO. Chia currently holds 2.6 million XCH, valued at approximately $70 million.

Chia stated last week that it has established a new banking relationship, but still needs to wait for the review by the U.S. SEC.