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Xerberus Raise USD 3.48 million in XER Token Launch
Xerberus, an industry-leading cryptocurrency risk rating and asset management blockchain, has successfully launched its Xerberus token (XER) with a successful public sale raise of $3.48 million. The XER token is a proof-of-stake coin that functions as a cross-chain with the Cardano network and is a vital component of the Xerberus risk rating platform and the upcoming crypto Ethereum index fund, named Xerberus Vaults, which is set to launch in Q1 2025.
The launch of the token represents the latest step in Xerberus’ mission to make crypto safer by moving the industry from proof-of-work to proof-of-stake, ensuring that the main validators for the chain hold high stakes in the token to help increase model security and efficiency.
The token will be used to develop the Xerberus risk rating platform and vault index funds for investors as it continues to build a secure, holistic, autonomous group in its mission to snuff out bad actors and scammers with suspicious wallet graph behaviours. The token will also contribute to the increased accuracy of lending protocols, leverage pricing and options pricing within the Cardano chain and wider DeFi network.
The XER token will also play a major role in the creation of the Xerberus decentralised autonomous group (DAO), and will give holders the power to participate in the formation of the DAO’s governance structure, which once adopted, will establish the XER Token as one of the few crypto tokens in the industry with legally defined, enforceable rights for holders—supported both in law and in code.
On the token launch, Simon Peters, CEO and co-founder of Xerberus, said: “We are extremely pleased with the success of the token launch, as it shows the community demand for good governance. This is one of the first steps in our mission to bring trust and self-regulation into the crypto mainstream as we lay the groundwork for the ‘Xerberus Vaults’ Ethereum index fund next year. We also thank the Cardano Project Catalyst grant for facilitating a vital part of our development cycle, and we are excited to see the impact it is having on proof-of-stake innovations across the crypto landscape.”
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