Blockchain XION raises USD 25 mln in Series A
XION, a blockchain designed for widespread acceptance, has announced a successful fundraising round of USD 25 million from investors.
Participating companies include Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree, and others.
The Web3 sector continues to grapple with challenges in adoption, often overwhelming new users with intricate onboarding processes, unfamiliar interfaces, transactional hurdles, technical terminology, and more. Predominantly fixated on financial speculation, the industry lacks accessible and engaging consumer applications that leverage blockchain capabilities effectively.
XION's Generalized Abstraction presents a comprehensive infrastructure solution aimed at simplifying these inherent complexities. Serving as the inaugural platform enabling developers to construct, launch, and expand consumer-oriented Web3 products from scratch, XION integrates USDC – a fully-backed digital dollar – as its principal transactional currency, ensuring consistent pricing across its ecosystem for consumers.
With its Meta Accounts, which eliminate the necessity for direct private key management while retaining full non-custodial control, XION allows users to effortlessly onboard to applications built on its chain using familiar Web2 methods such as email or biometrics. Moreover, XION's accounts facilitate seamless cross-device usage, key rotation, multi-factor authentication, and account recovery.
Representatives of the XION network expressed excitement about the development of XION, highlighting its role in making cryptocurrency more accessible. They emphasized that with XION, users can easily engage with decentralized applications on their mobile devices without the need to remember complex security measures like seed phrases or private keys. Furthermore, they mentioned ongoing efforts to launch the mainnet and collaborate with suitable partners to ensure the project's success.
During its testing phase, XION has demonstrated substantial usage and adoption, boasting over 1.3 million Meta Accounts created, processing over 15 million transactions smoothly, and fostering an ecosystem comprising over 150 projects. The infusion of new capital will enable XION to expedite its development and global ecosystem expansion.
