L1 Blockchain XION Raises $25M to Make Crypto Disappear

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Apr 01, 2024, 09:00 ET

The network's goal is to abstract away all crypto complexities, making Web3 accessible to everyone

NEW YORK, April 1, 2024 /PRNewswire/ -- XION, the first blockchain purpose-built for mainstream adoption, today announced that it has raised $25M from investors including Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree, and more.

The Web3 industry still faces adoption challenges, overwhelming new users with complex onboarding, unfamiliar interactions, transaction friction, technical jargon, and more. It has been mostly focused on financial speculation and lacks straightforward and engaging consumer applications that are uniquely enabled by blockchain capabilities.

XION's Generalized Abstraction is an all-encompassing infrastructure solution to remove all these inherent complexities. XION is the first platform enabling developers to build, launch, and scale consumer-ready Web3 products from the ground up. It is also the first blockchain to integrate USDC – a fully-reserved digital dollar – as its primary transactional currency, providing predictable pricing across all interactions within its ecosystem for consumers.

Through its Meta Accounts, which eliminate the need for direct private key management while remaining fully non-custodial, XION enables users to easily onboard to apps built on its chain using familiar Web2 methods such as email or biometrics. In addition, XION's accounts enable seamless cross-device usage, key rotation, multi-factor authentication, and account recovery.

"We are excited to be building XION, the blockchain that finally makes crypto accessible. With XION, people can interact seamlessly with decentralized applications right on their phone. No seed phrases to remember or private keys to store," says Anthony, Core Contributor to the XION network. "We're in the process of launching mainnet and are bringing together the right partners to set the groundwork."

XION has already demonstrated significant usage and adoption during its test phase with the creation of more than 1.3 million Meta Accounts, the smooth processing of over 15 million transactions, and an ecosystem of over 150 projects. The new capital will allow XION to continue quickly expanding its development and global ecosystem.

About XION
XION is the first modular Generalized Abstraction layer purpose-built for consumer adoption. Through protocol-level implementations related to abstracted accounts, signatures, fees, interoperability, and more, XION enables secure, intuitive, and seamless user experiences. The project has previously raised over $11M from top-tier investors, including Animoca, Circle Ventures, Multicoin, Spartan, HashKey, and more.
To learn more about XION, follow @burnt_xion on Twitter, subscribe to the XION Blog, or visit xion.burnt.com.

SOURCE Burnt