October 24, 2024
Vixichain, a Layer-1 blockchain, has obtained $7 million in its latest funding round. The investment will support the company in expanding its research and development efforts, establishing strategic partnerships with financial institutions, and progressing towards key milestones in its business roadmap, including the launch of its DevNet and mainnet. Although the backers were not disclosed, this funding signifies growing interest in bridging the gap between blockchain technology and traditional finance (TradFi) by addressing the sector's existing concerns with public blockchains.
Vixichain’s mission is to create a trusted platform that encourages financial institutions to adopt blockchain solutions in a compliant and efficient manner. The company offers a range of DeFi applications specifically developed for the needs of financial institutions, packaged within smart contracts that support functionalities such as instant transactions for banks, card processing platforms, cryptocurrency exchanges, and over-the-counter (OTC) agents. Vixichain aims to provide these services without the capital expenditure requirements typically associated with such upgrades, making it accessible and financially viable for institutions to participate in decentralized finance.
The Vixi Wallet, a critical component of Vixichain's ecosystem, enables end-users to store, send, and receive digital assets. This wallet provides the flexibility to select a preferred financial institution to validate transactions, enhancing security and choice for users. With this recent funding, Vixichain is strategically positioned to accelerate its roadmap, facilitating a smoother entry for TradFi into the blockchain sphere and potentially redefining how financial transactions are conducted across sectors.
About Vixichain
Vixichain is a Layer-1 blockchain platform focused on bridging traditional finance with decentralized finance. Headquartered in Vilnius, Lithuania, Vixichain provides a secure and compliant environment for financial institutions to leverage blockchain technology. Its offerings include a suite of DeFi applications and the Vixi Wallet, empowering end-users with control over digital asset transactions.
Website: https://vixichain.org/
X: @Vixichain
About Investor
Investor information for this funding round was not disclosed.
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