XION Raises $25M to Make Crypto Disappear
XION is built to abstract away all crypto complexities. It empowers developers to create frictionless Web3 experiences, with a Generalized Abstraction layer that removes technical barriers for all users.
We're extremely excited to announce that XION, the first blockchain purpose-built for mainstream adoption, has raised an additional $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 is on a mission to change that.
Technical Innovation: Generalized Abstraction
XION’s Generalized Abstraction is an all-encompassing infrastructure solution aimed at removing all these inherent complexities. XION is the first blockchain 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. Additionally, through abstracted interoperability, XION’s Meta Account functionality is extended to encompass connected ecosystems, enhancing cross-chain user experiences significantly.
Unparalleled Ecosystem Growth & Adoption
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.
"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 Burnt Banksy, 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.”
The new capital will allow XION to continue quickly expanding its development and global ecosystem, as it continues its mission of making Web3 accessible to everyone, everywhere.