XYO crypto to list on Kraken after reporting $8.8M 2024 revenue
- Kraken listing adds to XYO’s existing CEX portfolio, which includes Coinbase, KuCoin, MEXC, Bithumb, and Gate.io.
- Listing comes after XYO reported $8.8 million in revenue for 2024.
- XYO is a DePin project that recently launched XYO Layer One, its own Layer-1 blockchain.
According to a press release shared with crypto.news, XYO (XYO), the token of a pioneering DePIN project, will be listed on Kraken Exchange today, joining its existing lineup of major centralized exchanges, including Coinbase, KuCoin, MEXC, Bithumb, and Gate.io.
The listing on Kraken, ranked among the top 20 exchanges by spot trading volume on CoinMarketCap, is expected to significantly boost XYO’s liquidity and trading activity, with the potential to give XYO crypto price a major boost. The token’s previous listing on Bithumb in April lifted its price by 50%.
Kraken’s decision to list XYO crypto follows the company’s report of $8.8 million in revenue for 2024, as disclosed in its SEC filing.
Markus Levin, co-founder of XYO, commented on the development, highlighting how it reflects the broader shift in the industry toward revenue-driven projects:
“In the last cycle, during the ICO boom, tokens were being launched and listed at breakneck speed based on whitepapers and hype. Metrics like social media followers and Total Value Locked (TVL) had a much bigger sway during that period. Today, as the industry matures and U.S. regulation takes shape, the focus has shifted toward businesses that operate like successful companies in the real world, with revenue, profitability, and sustainable models as key indicators. Exchanges are aligning with this shift, and we’ll see more of these businesses thrive.”
What is XYO crypto?
Founded in 2018, XYO is the first and one of the largest DePIN projects, operating over 10 million nodes worldwide. The network collects and validates real-world data through its Proof of Location and Proof of Origin technologies, supporting applications in asset tracking, DePIN solutions, and interactive gaming.
XYO operates through two entities—a nonprofit foundation and a for-profit company, XL Labs—which has secured SEC approval for a Regulation A offering and tokenized shares trading on tZERO. The XYO crypto serves governance and staking functions within the ecosystem.
The project’s latest milestone is the launch of XYO Layer One, its own Layer-1 blockchain designed for high-throughput, low-latency real-world data processing. Under the dual-token model, the existing XYO crypto token serves governance and staking functions, while the new XL1 token manages transaction fees, smart contract execution, and network rewards, separating governance from operational utility.
