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.