XION, a blockchain from ‘BurntBanksy,’ announces $25 million in Series A funding

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XION, a blockchain built for consumer-focused startups closed a $25 million Series A round earlier this month, with funding from Multicoin, Animoca and Arrington Capitalamong others.

XION is built with Burnt, self-explanatory Web3 foundry that provides a tool for developing smart contracts. It’s the first platform that enables developers to “build, implement, and develop Web3 consumer-ready products from the ground up,” the company said.

“Burnt started out as a regular market Solana and XION reached a situation where the market price was negative, and the growth of new users was difficult,” its founder, famously known as “BurntBanksy,” said. Chance. “As one of the things we built ourselves, we created XION to allow the things we wanted to create, to be able to target more users.”

XION’s approach has been to rethink the traditional nature of wallets, gas fees and denominations, instead choosing a few exceptions at the protocol level to determine what users are used to, the company said.

Burnt made headlines in 2021 when he burned an original Banksy painting worth $95,000 at the time, broadcasting it via the founder’s X account. Apparently, for Burnt, the act was part of the process of turning physical art into an immovable symbol.

An NFT commemorating Banksy’s burn has since been sold for $400,000 to an anonymous wallet holder named “Galaxy,” BurntBanksy said.

BurntBanksy returned this month to present XION, this time creating a self-burning illusion to burn the wrong studies that have been observed by the environment over the past two years, the company said.

“I’m deeply influenced by the myth of Prometheus,” he said. The Greek god Prometheus stole fire from the gods and gave it to humans in the form of technology, knowledge, and ultimately, civilization. XION wants to “light the way forward” with Web3, he said.

While users won’t be able to access development on the XION, they will be able to access any built-in apps directly from their phone, eliminating the need for password management. In other words, users will be able to sign in to programs with identification methods from Web2, such as email addresses or facial recognition.

Although XION will also have a native token, it is the first blockchain to include the stablecoin USDC as its primary trading currency, with the aim of providing buyers with predictable pricing within the ecosystem.

“I think a big part of the debate, whether it’s real information or technical debate, is people needing to learn what Solana is, or Ethereum,” BurntBanksy said. “But people understand dollars and they don’t want something they’re buying to be worth 220 times the next week,” he said.

The Web3 industry still faces adoption challenges, the company says, such as ramping up, technical innovation and network friction, which keep new users away. XION aims to help developers create “consumer applications that are uniquely powered by the power of blockchain,” it said in a statement.

The company launched a pilot program, which resulted in 100,000 users in 24 hours. In total, it saw more than 150 projects launched and more than 12 million users.

“Most of the projects that I see early on, coming out of our hackathon and coming through our startup ecosystem, are music or games, but mostly with consumer support,” he said.

The new headquarters will allow XION to accelerate the development of the environment, the company said.

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