Web3 Foundry Burnt has announced the launch of the XION Foundation, a non-profit organization that will oversee the development and expansion of the Proof of Stake XION blockchain.
The venture capital-backed platform also unveiled $XION, the native token of the layer 1 blockchain. Burnt shared news of these milestones on Blog post Posted on August 14.
XION Launches Native Token
The XION Foundation will focus on democratizing access to Web3 across financial services, digital economies, and ownership. $XION will help achieve these goals and provide utility within the L1 blockchain ecosystem.
In addition to network security, the token will support platform governance and decentralization, community incentives including airdrops, and funding for projects built on XION.
XION raises $36 million from investors
Built on the Cosmos (ATOM) interchain communication protocol and developer toolkit, XION launched its public testnet in October 2023.
The L1 blockchain ecosystem is designed to enable Web3 adoption through consumer-friendly decentralized applications. The platform leverages its proprietary chain abstraction solution to make this a reality, making it easier for mainstream users to access and use Web3 products.
On XION, users can interact with decentralized applications on their phones without having to worry about seed phrases or private keys.
Project issued white art paper In December 2023 and has so far raised a total of $36 million from major crypto venture capital firms.
Among the backers of XION’s latest funding round, which He got $25 million. Other investors include Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Other investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.