Xion Finance, which removes the manual process of investing into initial DEX offerings, has collected $50m in funding.
The investment was led by Bahamas-based GEM Digital, a digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs global.
Xion plans to expand its DeFi infrastructure across multiple blockchain networks to support its V2 platform.
Its V2 platform includes a 1:1 swap solution that enables users to perform zero slippage transfers, removing hidden costs associated with AMMs, which it claims will make it easier to bridge assets between chains backed by their native XGT token.
XGT is primarily used as a staking, payments, loyalty and rewards token within both Xion Finance and the Xion Global Web3 payments gateway, bringing fundamental utility to DeFi and Web3 payments.
Xion Finance claims to remove the manual process of investing into initial DEX offerings through subscription plans. By utilising one of four monthly IDO plans, investors’ allocations are automatically split into the top tier metaverse and gaming IDOs on a monthly basis.
Xion Finance founder Ronan Quarmby said, “We’re excited to continue to bridge the gap between Web2 and Web3 environments, providing everyday users with the ability to earn high yields, swap assets between multiple chains and the opportunity to invest into tier one projects.
“This strategic investment from GEM will expand our initiatives globally, enabling our advancement for the future vision of DeFi and Web3 payments.”
Earlier in the week, Topl closed its Series A round on $15m. The company develops a blockchain that helps drive impact initiatives and sustainable transformation for companies around the world.
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