Web3 Foundry Burnt launched XION Foundation, a non-profit organization, to create and expand the proof-of-stake blockchain.
Its mission is to manage the growth and development of the proof-of-stake blockchain XION. 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.
The XION Foundation aims to make Web3 more accessible for financial services, digital economies, and ownership. $XION will power these objectives and offer utility within the L1 blockchain’s ecosystem.
The token will power the platform’s administration and decentralization, community incentives like airdrops, and funding for projects that expand on XION in addition to network security.
XION Raised $36 million From Investors
XION started its public testnet in October 2023 based on the Cosmos development toolkit and the inter-chain communication protocol.
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.
Thanks to XION, users don’t need to worry about private keys or seed phrases when interacting with dApps on their phones. Since the project’s technical whitepaper was published in December 2023, leading cryptocurrency venture capital firms have contributed $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.
