Web3 Foundry Burnt has announced the official launch of XION Foundation, the non-profit organisation that will manage the expansion and development of the blockchain that is proof-of-stake XION.
The venture-backed platform has also revealed $XION, which is the native token that is part of its layer-1 blockchain. Burnt revealed the details of these important milestones in a blog article published on August 14.
XION introduces native token
XION Foundation will focus on opening up access to Web3 across the financial sector, digital economies and ownership. The key to achieving these goals and bringing value in the L1 blockchain’s ecosystem will be the $XION.
Alongside network security and security, the token will be driving an open platform with decentralization. community-based incentives, such as airdrops and grants for projects that build on XION.
Find out more about Circle’s USDC will become the its primary currency on the XION blockchain
XION received $36 million in funding from its investors
XION is based on the inter-chain communications protocol and the Cosmos (ATOM) developer toolkit. It will launch its testnet for public use in the month of October in 2023.
L1’s L1 blockchain’s ecosystem was created to support Web3 adoption by enabling consumers to use applications that are decentralized. The platform makes use of it’s Chain Abstraction solution to bring this to life and makes it simple for everyday users to use and access Web3 products.
On XION users can engage via dApps from their smartphones without needing to concers about private keys or seed phrases.
The project published their technical whitepaper December 2023. It has raised the sum 36 million dollars from a number of top crypto venture capitalists.
The XION investors backing the latest capital raise, which secured $25 million, were Animoca Brands, Laser Digital, Multicoin, Arrington Capital along with Draper Dragon. The other investors included Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.
