The LBank Exchange has announced the listing of Chain’s native token, XCN. Consequently, the coin will trade as XCN/USDT from 1800 (UTC+8) on March 15th, 2022. Chain operates on the ledger-as-a-service platform through Sequence. Essentially, several financial services have adopted its cryptographic ledgers to offer secure and diverse crypto-asset services. Therefore, the listing of the XCN token is a key step to helping Chain expand its reach.
The key benefits of holding the XCN token are access to premium services/products and discounted commercial fees when operating in the Chain ecosystem. Additionally, holders have governance rights to the future development of the network. Also, they gain access to various premium investment features. Notably, XCN has replaced the original native token, CHN.
The XCN token replaces CHN at a ratio of 1:1000, and it comes with in-built on-chain governance rights, which were absent on CHN. To get their XCN token, users need to initiate an ERC transfer to their non-custodial wallets, and they will receive 1000 XCN for every CHN held.
By employing Sequence technology, institutions can transact their financial services in a secure and insulated environment. Essentially, institutions use the ledger-as-a-service protocol to manage their financial assets as tokens in their private ledgers and transmit them securely across public networks.
Apart from Sequence, Chain also uses the Chain Core, which is its blockchain network. Institutions can create and administer their own networks, thanks to the network. Alternatively, they can link to one of many already existing ones.
Chain is a cloud-based blockchain platform that helps organizations build better and safer financial services. Founded in 2017, it has raised over $40 million, led by RRE Ventures, Khosla Ventures, Fiserv, Capital One, Orange, Citigroup, Nasdaq, and Visa. Notably, its infrastructure consists of its open-source blockchain, Chain Core, and its ledger-as-a-service platform, Sequence.