Circle Ventures Invests in Burnt, a Web3 Initiative

Burnt, a Web3 foundry, announces the public launch of its testnet for XION, the layer-1 blockchain built for consumer adoption.

The company also announces “a prior strategic investment from Circle Ventures, the venture capital arm of Circle, a global financial technology firm and issuer of USDC.”

To reach the mainstream market, the Web3 landscape “requires easy-to-use technology and widespread use cases.” XION is a Layer-1 blockchain network “aimed at revamping the digital assets ecosystem with a focus on tangible use cases, such as private and public communities, membership, loyalty programs, and games.”

XION will be the first blockchain “to use USDC, a fully-reserved digital dollar, as its primary transactional currency.” All products built on XION “will display prices in USDC, eliminating one of the key technical barriers.”

In addition to this, all transactions on XION are gasless. To date, XION has onboarded 200,000+ active on-chain wallets, “produced over two million blocks, and processed over 1,000,000 on-chain transactions seamlessly, validating its technical capabilities.”

XION is supported by “an ecosystem of over seventy-five partners, who provide users with key functionality and a seamless experience.”

Global payment service provider “powers CHRGE and allows users to buy assets via their credit card. Exodvs, an on-chain membership platform, allows projects built on XION to run and grow their communities. Osmosis enables user-experience enhancements through XION’s pioneering implementation of the innovative Fee Abstraction module.”

Wyatt Lonergan, Principal at Circle Ventures, said:

“We are proud to support Burnt in their mission of empowering developers to craft user-friendly experiences that abstract away the complexities typically associated with using Web3. With the beta launch of XION, developers can build purpose-built applications that leverage USDC for widespread adoption.”

XION is built on “the industry’s most dependable and secure consensus framework (Comet BFT), inter-chain communication protocol (IBC), and developer toolkit (Cosmos SDK).”

This infrastructure reportedly “has over $50 billion in secured assets, supports millions of transactions, and is trusted by some of the industry’s biggest projects, such as the Binance Chain (BNB), (CRO), Injective (INJ), and DyDx (DYDX).”

Register Now!
Sponsored Links by DQ Promote



Send this to a friend