Burnt (XION) Successfully Raises $25 Million in Series A Round
Burnt (XION) Successfully Raises $25 Million in Series A Round
Blockchain layer-1 project Burnt (XION) has announced a successful $25 million Series A funding round from seasoned investors such as Multicoin and The Spartan Group.
In the context of the booming cryptocurrency market, investors once again demonstrate strong confidence in the potential of this industry. Recently, XION, an innovative startup in the web3 infrastructure sector, has surpassed many industry giants to secure $25 million in its latest funding round.
XION has raised an additional $25M to continue making crypto accessible to everyone, everywhere. pic.twitter.com/JkEIiuEkzA
— Burnt (XION)🔥 (@burnt_xion) April 1, 2024
XION’s successful fundraising round has attracted participation from renowned names such as Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree, and various other organizations. This solidifies XION’s position and immense potential in this emerging technology market.
Related: a16z Injects $30 Million into Gaming-Related Startups
Introduction to Burnt (XION)
Interface Xion
XION is built on the Comet BFT consensus framework and Inter-Blockchain Communication (IBC) protocol, considered the most reliable and secure in the industry, along with the Cosmos SDK development toolkit. This battle-tested infrastructure has safeguarded over $50 billion in assets, facilitated millions of transactions, and earned the trust of major industry projects like Binance Chain (BNB), Crypto.com (CRO), Injective (INJ), and DyDx (DYDX).
Embracing the concept of “generalized abstraction,” XION promises to simplify and make cryptocurrency operations more user-friendly than ever before. With XION, interacting with the blockchain will be as easy as using a smartphone, without the hassle of seed phrases or private keys.
Notably, XION will be the first blockchain to integrate the USDC stablecoin as its official currency unit for its protocol. This move not only demonstrates forward-thinking vision but also reaffirms the determination to elevate blockchain to new heights of user-friendliness and flexibility.
Previously, in December 2023, XION successfully launched its testnet after a successful $11 million fundraising round from leading investors such as Circle Ventures, Animoca Brands, Multicoin, HashKey, and Valor. This initial boost helped XION adequately prepare before entering the phase of global-scale development.
With the new investment influx, XION is poised to break through and turn the dream of building an advanced, user-friendly web3 ecosystem into reality. They are opening up a new horizon for the cryptocurrency market where blockchain technology will no longer be unfamiliar but will become more accessible and user-friendly than ever before to the masses.
