Companies • April 1, 2024, 10:33AM EDT
Published 1 minute earlier on
Quick Take
- The web3 infrastructure firm Xion raised $25 million in funding.
- Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree and others participated in the round.
The web3 infrastructure firm Xion raised $25 million in funding. Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree and others participated in the round, according to a company statement. Fortune reported the round as a Series A. Xion uses "generalized abstraction," or web3 infrastructure which removes common complexities in crypto, to build a user-friendly blockchain ecosystem that doesn't require wallet accounts, signatures or additional technical sign-ups. The firm employs the stablecoin USDC for its primary transactions. "With Xion, people can interact seamlessly with decentralized applications right on their phone. No seed phrases to remember or private keys to store," said Burnt Banksy, a Xion network core contributor, in a release. “We’re in the process of launching mainnet and are bringing together the right partners to set the groundwork." Xion launched its testnet in December 2023 after raising $11 million from Circle Ventures, Animoca Brands, Multicoin, HashKey, Valor and others, The Block previously reported. USDC comprises 30.6% of the total Ethereum stablecoin supply as of March 31, according to The Block's Data Dashboard. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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