XION Raises $25M From Major Investors Like MH Ventures, Multicoin, and More

XION, “the first blockchain purpose-built for mainstream adoption”, has just now announced an additional $25 million in venture funding, raised from a swathe of leading institutional investors.

The impressive funding round saw participation from multiple tier-one crypto VCs, including but not limited to…

• MH Ventures
• Multicoin
• Mechanism Capital
• Spartan Group
• Animoca Brands
• Kucoin Ventures

… and many others.

Xion is first and foremost a new layer-1 blockchain aimed at solving perhaps the single biggest barrier to adoption of crypto and blockchain today… friction.

Its thesis acknowledges that billions of consumers will not tolerate the “complex onboarding, unfamiliar interactions, transaction friction, technical jargon” that exists in the Web3 space today.

In response to the issue, Xion has built the first ‘Generalized Abstraction’ L1 which automatically removes these complexities, facilitating a wave of consumer-built blockchain applications.

Its native ‘meta accounts’ effectively “eliminate the need for direct private key management while remaining fully non-custodial”. This means that users will be able to interact with dapps via familiar methods such as email or biometric login, while remaining secure.

According to XION Network core contributor, Burnt Banksy…

"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… We’re in the process of launching mainnet and are bringing together the right partners to set the groundwork.”