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.png "XP Raises $6.2M for Solana-Based Web3 Ticketing")
May 16, 2025 – XP, a Web3-native ticketing platform built on the Solana blockchain, has announced a $6.2 million seed funding round led by Blockchange. L1D and Reflexive also participated in the round. This investment will accelerate XP's mission to transform the ticketing industry by offering enhanced transparency, security, and user control through the tokenization of event tickets as on-chain Real World Assets (RWAs).
XP, developed by Captain Labs, leverages the Tamperproof protocol to ensure secure ticket transactions, addressing persistent issues such as hidden fees and counterfeit tickets. The platform aims to empower both fans and event organizers by providing a seamless and secure ticketing experience.
"Fandom is deeply personal, and we believe blockchain unlocks a whole slew of opportunities for fans to be recognized, celebrated and rewarded," said Mike Saunders, founder and CEO of XP. "Our goal is to leverage verified fandom to provide access to special rewards, epic experiences, and exclusive perks to members of the XP community."
Key Features and Benefits of XP:
- Web3 Integration: Built on the Solana blockchain for enhanced speed and efficiency.
- Tokenized Tickets: Tickets are represented as on-chain RWAs, increasing transparency and security.
- Tamperproof Protocol: Ensures secure transactions and minimizes fraud.
- Transparent Pricing: All-in pricing displayed by default, eliminating hidden fees.
- Crypto Payments: Option to pay for tickets with USDC.
- Future Fan Perks: Plans to offer exclusive rewards and experiences for verified fans.
- User-Friendly Interface: Easy-to-use platform for buying and selling tickets.
Addressing Industry Challenges:
XP aims to disrupt established ticketing giants like Ticketmaster and SeatGeek, which have faced criticism for hidden fees and other controversial practices. The platform's transparent pricing model aligns with recent regulations aimed at eliminating hidden "junk fees" in the ticketing industry.
Experienced Leadership:
XP is led by Mike Saunders, a seasoned entrepreneur with a successful track record in the technology sector. His previous company, a food ordering and menu website, was acquired by GrubHub in 2011.
Future Expansion:
XP has ambitious plans to expand beyond ticketing, with a focus on enhancing the fan experience. The platform is developing features for users to list and resell their own tickets and plans to introduce exclusive rewards and perks for its community members. While the company has sold millions of dollars in annualized ticket sales to thousands of customers, Saunders did not confirm plans for a token launch.
Compiled by CMO Intern team
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