LBank Labs Invests in XION: Leading the Charge for Mainstream Blockchain Adoption

Hong Kong, Hong Kong, May 24th, 2024, Chainwire

LBank Labs is delighted to announce its strategic investment in XION, an innovative blockchain platform designed for mainstream use. This investment is part of XION's impressive $25 million Series A funding round, which saw participation from top investors like Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree.

XION's Generalized Abstraction provides a comprehensive infrastructure solution to remove the numerous adoption barriers uch 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-reserved digital dollar—as its primary transactional currency. This ensures predictable pricing for consumers across all interactions within its ecosystem.

XION’s Meta Accounts eliminate the need for direct private key management while remaining fully non-custodial. Users can easily onboard to apps built on XION using familiar Web2 methods such as email or biometrics. Furthermore, XION’s accounts support seamless cross-device usage, key rotation, multi-factor authentication, and account recovery. Through abstracted interoperability, XION extends Meta Account functionality to connected ecosystems, significantly enhancing cross-chain user experiences.

XION has already demonstrated significant usage and adoption during its test phase, with over 1.3 million Meta Accounts created, more than 15 million transactions processed, and an ecosystem of over 150 projects. LBank Labs is proud to support XION in this transformative journey.

"We're excited to support XION in its mission to make blockchain technology accessible to the mainstream," said Nathalie Yang, Principal at LBank Labs. "We believe that XION’s innovative approach to simplifying user interactions and removing technical barriers will be pivotal in driving the next wave of Web3 adoption. This investment aligns perfectly with our goal of fostering blockchain technologies that have the potential to revolutionize the mainstream."

About LBank Labs

LBank Labs, with its $100M 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 VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.

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