Blockchain
LBank Labs Invests in XION: Driving Mainstream Blockchain Adoption
Hong Kong, Hong Kong, May 24, 2024, Chainwire
LBank Labs is pleased to announce its strategic investment in XION, an innovative blockchain platform designed for mainstream use. This investment is part of XION’s massive $25 million Series A funding round, which saw participation from major investors such as Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion and GoldenTree .
XION’s generalized abstraction provides a complete infrastructure solution to remove numerous barriers to adoption, such as complex onboarding, unfamiliar user interactions, transaction friction, and technical jargon. As the first blockchain that allows developers to build, launch and scale consumer-ready Web3 products from scratch, XION distinguishes itself by integrating USDC, a fully confidential digital dollar, as the primary transactional currency. This ensures predictable pricing for consumers across all interactions within its ecosystem.
XION Meta Accounts eliminate the need for direct management of private keys while remaining completely non-custodial. Users can easily onboard into XION-based apps using familiar Web2 methods such as email or biometrics. Additionally, XION accounts support seamless multi-device usage, key rotation, multi-factor authentication, and account recovery. Through abstract interoperability, XION extends Meta Account functionality to connected ecosystems, significantly improving cross-chain user experiences.
XION has already demonstrated significant usage and adoption during the testing phase, with more than 1.3 million meta accounts created, more than 15 million transactions processed, and an ecosystem of more than 150 projects. LBank Labs is proud to support XION on this transformation journey.
“We are excited to support XION in its mission to make blockchain technology accessible to the mainstream,” said Nathalie Yang, Principal of LBank Labs. “We believe that XION’s innovative approach to simplifying user interactions and removing technical barriers will be critical in driving the next wave of Web3 adoption. This investment is perfectly aligned with our goal of promoting blockchain technologies that have the potential to disrupt the mainstream.”
About LBank Labs
LBank Labs, with its $100 million AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio boasts innovative projects such as Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits and Hivello, along with significant investments in venture capital funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund and others.
Contact
Public relations manager
Eddie Wang
LBank
eddy.wang@lbank.com