- The non-profit company XION Foundation, led by Web3 Foundry Burnt, has been launched. Its goal is to oversee the expansion and advancement of the XION proof-of-stake blockchain.
The layer-1 blockchain’s native coin, $XION, was also introduced by the venture-backed platform. On August 14, Burnt announced the accomplishments in a blog post.
XION introduces its native token
The main objective of the XION Foundation is to increase Web3’s accessibility for ownership, digital economies, and financial services. $XION will power these objectives and offer utility within the L1 blockchain’s ecosystem.
The token will enable the decentralization and management of the platform, as well as community incentives like airdrops and financing for projects that go beyond network security to grow on XION.
XION collected $36 million from capitalists
XION started its public testnet in October 2023 and is based on the inter-chain communication protocol and the Cosmos Cosmos Hub atom Cosmos Hub developer toolkit.
The ecosystem built around the L1 blockchain aims to facilitate Web3 adoption through user-friendly decentralized applications. The platform makes it simple for regular users to access and use Web3 products by utilizing its Chain Abstraction solution to make this a reality.
Users don’t need to worry about private keys or seed phrases when interacting with dApps on their phones thanks to XION.
Since the project’s technical whitepaper was published in December 2023, leading cryptocurrency venture capital firms have contributed a total of $36 million to the project.
Arrington Capital, Draper Dragon, Multicoin, Laser Digital, Animoca Brands, and Multicoin were among the investors in XION’s most recent fundraising round, which raised $25 million. HashKey Capital, Valor Capital, Circle, and Morningstar Ventures are some of the other investors.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
