MXC Foundation Raises $10M for Blockchain Infrastructure

MXC Foundation, funded by JDI Ventures, is focusing on facilitating the transfer of physical assets to the blockchain through it’s Web3 infrastructure.

An investment and incubation arm of blockchain hardware manufacturer JDI Global, Meta X Connect, MXC Foundation has been funded with $10 million by JDI Ventures. With its Web3 infrastructure layer, they aim to facilitate the transfer of physical assets to the blockchain.

As the first laye3 zkEVM solution on Arbitrum, the company’s DePIN for the Ethereum ecosystem is a game-changer. With the new funding, they will be able to move faster on its DePIN solution.

Startup DePIN initiatives will receive support from MXC and JDI Global in the form of money, hardware development, and market impact, according to an announcement made on their blog.

MXC’s website declares that the company’s purpose is to enable the bridge of real-world things with the metaverse and Decentralized Finance (DeFi) protocols in order to bring real-world asset collateralization to Web3.

One product they provide is the MXC NFT marketplace, which uses Near Field Communication (NFC) and Low-Power Wide-Area Networks (LPWAN) to verify the identity of users and submit proofs of where real-life items are.

zkSync is an Ethereum zero-knowledge-based scaling solution; MXC’s leadership team includes former zkSync core contributors and aims “to push the boundaries of DePIN technology.”

With the cryptocurrency business seeing a recent upswing, more Web3 investors are getting back into the market, which is perfect timing for this fundraising effort. Funds raised by Web3 companies are expected to rise for the first quarter in a row, after eight consecutive quarters of decreases.