Web3 Foundry Burnt has announced the launch of the XION Foundation, a non-profit organization dedicated to overseeing the development and expansion of the proof-of-stake blockchain XION. This venture-backed platform also introduced $XION, the native token of this layer-1 blockchain.

XION Launches Native Token

The XION Foundation aims to democratize access to Web3 across financial services, digital economies, and ownership. The native token, $XION, will play a pivotal role in the ecosystem. It will ensure network security, facilitate governance and decentralization, and provide community incentives like airdrops and project funding.

XION Raised $36 Million from Investors

XION leverages the inter-chain communication protocol and the Cosmos developer toolkit. Its public testnet was launched in October 2023. The ecosystem is designed to promote Web3 adoption through consumer-friendly decentralized applications. The platform’s Chain Abstraction solution simplifies user interaction with Web3 products, eliminating the need for seed phrases or private keys.

In December 2023, the project released its technical whitepaper. To date, XION has raised $36 million from top crypto venture capital firms. The latest funding round, which secured $25 million, saw participation from Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Additional investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.

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