Web3 Foundry Burnt has announced the launch of XION Foundation, the non-profit organization that will oversee the development and expansion of the proof-of-stake blockchain XION.

The venture-backed platform also unveiled $XION, the native token of the layer-1 blockchain. Burnt shared news of these milestones in a blog post published on Aug. 14.

XION launches native token

XION Foundation will focus on democratizing access to Web3 across financial services, digital economies, and ownership. Helping to power these goals and providing utility within the L1 blockchain’s ecosystem will be $XION.

In addition to network security, the token will drive the platform’s governance and decentralization, community incentives, including airdrops, and funding for projects building on XION.

XION raised $36 million from investors

XION is built on the inter-chain communication protocol and the Cosmos (ATOM) developer toolkit, and launched its public testnet in October 2023.

The L1 blockchain’s ecosystem is designed to empower Web3 adoption via consumer-friendly decentralized applications. The platform leverages its Chain Abstraction solution to bring this into reality, making it easy for ordinary users to access and use Web3 products.

On XION, users can interact with dApps on their phones without having to worry about seed phrases or private keys.

The project released its technical whitepaper in December 2023 and has so far raised a total of $36 million from top crypto venture capital firms.

Among those backing XION’s latest funding round, which secured $25 million were Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Other investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.