LBank Labs recently disclosed its strategic backing of XION, a cutting-edge blockchain platform. In a press statement, the investment was highlighted as a perfect fit for LBank Labs' mission to promote blockchain technologies with the potential to transform mainstream usage.

Nathalie Yang, a Principal at LBank Labs, expressed enthusiasm for supporting XION's endeavor to democratize blockchain technology for the general public. The innovative methods employed by XION to streamline user experiences and eliminate technical hurdles are seen as instrumental in propelling the widespread acceptance of Web3.

XION's platform is engineered to surmount common obstacles hindering blockchain adoption, including intricate onboarding procedures, unfamiliar user interfaces, transactional complexities, and technical terminology. Notably, the platform sets itself apart by incorporating USDC, a fully backed digital dollar, as its primary transaction currency, ensuring consistent pricing for users across all interactions within its ecosystem.

A standout feature of XION is its introduction of "Meta Accounts," which obviate the necessity for direct management of private wallet keys while maintaining full non-custodial control. Users can seamlessly access applications on the XION platform through familiar methods like email or biometrics. These accounts facilitate effortless cross-device utilization, key rotation, multi-factor authentication, and account recovery.

In its testing phase, XION has already garnered substantial adoption, boasting over 1.3 million Meta Accounts established and processing more than 15 million transactions. Presently, the platform sustains an ecosystem encompassing over 150 projects.

LBank Labs has a history of strategic investments in the blockchain and cryptocurrency sphere, with a portfolio that includes Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, and Hivello projects. The financial institution reportedly manages assets exceeding $100 million.

LBank's investment forms part of XION's $25 million Series A funding round, drawing participation from notable investors such as Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree.