Vixichain Secures $7 Mln to Build a Permissioned Blockchain Where Banks Act as Validators

Vixichain (VIXC), a programmable layer 1 for Traditional Finance (TradFi) onboarding hits a new milestone on its private sale round with $7 million raised. The blockchain unveils the prospects of devnet and mainnet launches as well as unique stablecoin releases.

Vixichain (VIXC) raises $7 million, teases devnet and mainnet releases

Vixichain (VIXC), a layer-1 blockchain with smart contracts for the compliant onboarding of banking applications from the TradFi scene, secures $7 million from its ongoing private sale funding round. In total, the blockchain is going to raise $11 million by the end of this year, the team states.

Fresh funds are expected to enable Vixichain (VIXC) to expand its rapidly growing research and development workload, ink an array of strategic partnerships with financial institutions and realize its business roadmap.

In turn, these accomplishments will bring Vixichain (VIXC) closer to the hotly-anticipated launch of the devnet and mainnet iterations of its protocol.

The Vixichain (VIXC) platform attempts to close the gap between established banking practices and the ever-evolving world of digital assets, overcoming TradFi’s reluctance to embrace public blockchains. Its permissioned blockchain protocol technically works as a private network designed specifically for institutional use, granting participants greater control, privacy and transaction efficiency in a compliant manner.

For Web 3 to gain wide adoption, Tradfi needs to be invited to the table. Why is this important?

Roy Mayer, CEO and founder of Vixichain, stresses the paramount importance of his blockchain’s achievements for the process of migration of banking apps from Web2 to Web3:

There is no way to achieve real mainstream Web3 adoption without involving financial institutions. Despite being centralized, banks bring a lot to the table such as risk management strategies, liquidity, and credibility which can’t be underestimated. Since most financial institutions are hesitant to interact with public blockchains due to legal and privacy concerns, Vixichain offers a secure environment that balances privacy and transparency while enabling them to engage with public blockchains.

Besides its permissioned network for banking systems, the Vixichain (VIXC) protocol also introduces a unique non-fungible stable token (NUSD) backed by fiat. Its reserve basket is stored in a fully transparent bank trust. NUSD is unique in that it allows for transaction traceability, seamless crypto-fiat conversion, and source of funds verification without exposing users' transaction history to the public. 

By creating an NFT-based stablecoin, this mechanism ensures institutional-level privacy and compliance without compromising access to DeFi and other cryptocurrency services, applications and protocols.

Powered by the VIXC, a core native cryptocurrency and a backbone of its tokenomic design, Vixichain’s ecosystem is supported by the Vixi Web3 Wallet, which enables end users to store, send and receive digital assets, allowing them to choose their institution of choice to validate transactions.

Also, it addresses the processes of bringing B2B and B2C banks to Web3 with emphasis on compliance with local regulatory frameworks and stringent due diligence practices for maximum client security.