Investment to usher in the next window of adoption for a global crypto payment landscape
Singapore—NGC Ventures, one of the world’s leading blockchain investment firms, has contributed to xDai, the stablecoin-based payment ecosystem’s $500,000 USD seed round. Notable contributors to the round also include B-Tech, a joint venture from BitMax.io and Focus Labs, as well as Bixin Invest, the blockchain-focused VC firm. The successful completion of the seed round will accelerate the development of the xDai Stable Chain, driving merchant adoption of the stablecoin-based protocol.
Commenting on the investment, Roger Lim, Founding Partner at NEO Global Capital, said:
As projects compete to lead mainstream crypto acceptance, those who can centre their solutions around existing challenges users face in their day-to-day interactions with the technology will prevail in the long run. As an Ethereum compatible sidechain that looks to execute smart contracts quickly, privately, and affordably, xDai offers a solid solution to the issues of price volatility and scalability, effectively removing roadblocks to adoption.”
Development of xDai Stable Chain, the first ever USD-stable blockchain, was initiated by POA Network in 2018, with the goal of bolstering support for stablecoins on dedicated sidechains. Pegged to the USD-backed Dai, the native coin will provide the security, speed, and stability required for cost-efficient transactions. Aimed at peer-to-peer payments, there are now 10 validators securing the xDAi Stable Chain, including POA Network and MakerDAO. The project’s native utility token, DPOS, will also be available as a primary staking token on the network.
Commenting on the momentum of the project, Dai founder Igor Barinov said:
We’re now further developing interoperable bridges, enabling a global payments ecosystem. We believe that xDai’s focus on Layer 2 and a user-first approach can really make a difference in advancing real-world adoption of cryptocurrencies.”
Wallet support includes Burner Wallet, Poketto, AlphaWallet, DEX Wallet, Nifty Wallet, Status, Portis, Wallet Core, MetaMask Mobile, as well as Discordtip Bot, with further integrations in the pipeline. With P2P and private payments, subscription services, blockchain banking and vendor stable payments among the primary use cases envisioned for the blockchain, xDai lays down the goal of achieving mainstream adoption while competing with incumbent crypto payment processors.
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