Web3 Foundry Burnt has announced the launch of XION Foundation, the non-profit organization that will oversee the development and expansion of the proof-of-stake blockchain XION.
The venture-backed platform also unveiled $XION, the native token of the layer 1 blockchain. Burnt shared news of these milestones in a blog post published on August 14.
XION launches native token
XION Foundation will focus on democratizing access to Web3 in financial services, digital economies and property. Helping achieve these goals and providing utility within the L1 blockchain ecosystem will be $XION.
In addition to network security, the token will boost platform governance and decentralization, community incentives including airdrops, and funding for projects that build on XION.
Read more: Circle’s USDC becomes primary currency on XION blockchain
XION has raised $36 million from investors
XION is built on the inter-chain communication protocol and the Cosmos (ATOM) developer toolkit, and launched its public testnet in October 2023.
The L1 blockchain ecosystem is designed to enable Web3 adoption through consumer-friendly decentralized applications. The platform uses the Chain Abstraction solution to make this a reality, making it easy for regular users to access and use Web3 products.
On XION, users can interact with dApps on their phones without having to worry about seed phrases or private keys.
The project released its technical whitepaper in December 2023 and has raised a total of $36 million from top crypto venture capital firms to date.
Among those backing XION’s latest funding round, which raised $25 million, were Animoca Brands, Laser Digital, Multicoin, Arrington Capital and Draper Dragon. Other investors include Circle, Morningstar Ventures, HashKey Capital and Valor Capital.
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