Circle Ventures Invests in Burnt, a Web3 Initiative

Burnt, a Web3 foundry, has announced the public launch of its testnet for XION, a layer-1 blockchain designed for widespread consumer adoption. The company has also revealed a previous strategic investment from Circle Ventures, the venture capital arm of Circle, a global financial technology firm and issuer of USDC.

The Web3 space needs user-friendly technology and practical applications to reach the mainstream market, and XION aims to achieve this by revamping the digital assets ecosystem with a focus on tangible use cases such as private and public communities, membership, loyalty programs, and games.

A notable feature of XION is that it will be the first blockchain to use USDC as its primary transactional currency. USDC is a fully-reserved digital dollar, and having all products on XION display prices in USDC eliminates a significant technical barrier for users.

Another advantage of XION is that all transactions incurred on the network are gasless. The platform has already attracted over 200,000 active on-chain wallets, produced more than two million blocks, and processed over one million on-chain transactions flawlessly, thereby demonstrating its technical capabilities.

XION is powered by an ecosystem of more than seventy-five partners who provide users with essential functionality and a seamless experience., a global payment service provider, enables users to purchase assets with their credit cards through CHRGE. Exodvs, an on-chain membership platform, supports projects built on XION in running and growing their communities. Osmosis enhances the user experience through XION’s pioneering implementation of the Fee Abstraction module.

Wyatt Lonergan, Principal at Circle Ventures, expressed pride in supporting Burnt’s mission to empower developers in creating user-friendly experiences that simplify the complexities associated with Web3. With the beta launch of XION, developers can build purpose-built applications that leverage USDC for widespread adoption.

XION is built using industry-leading technologies, including the dependable and secure consensus framework Comet BFT, the inter-chain communication protocol IBC, and the developer toolkit Cosmos SDK. This infrastructure boasts over $50 billion in secured assets, supports millions of transactions, and is trusted by major industry projects such as Binance Chain (BNB), (CRO), Injective (INJ), and DyDx (DYDX).

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