Aiming to reimagine event ticketing, XP, a resale platform built on Solana’s blockchain, has secured US$6.2 million in a seed funding round.
The round was led by Blockchange, with support from investors including L1D and Reflexive, according to the company’s exclusive confirmation to Lightspeed.
While XP’s backend runs on Solana and converts ticket codes into NFTs, its platform doesn’t present itself as a crypto product.
Users visiting the site will see all-in ticket prices by default, with little to no reference to blockchain—aside from the option to connect a crypto wallet and pay with USDC.
This design choice appears deliberate.
XP’s interface feels like any other mainstream resale platform, resembling competitors such as TickPick in pricing and accessibility.
Despite its crypto foundations, the company avoids technical jargon, aiming for a frictionless user experience.
XP is the latest venture from founder and CEO Mike Saunders, a tech entrepreneur whose digital menu business from the 1990s was acquired by GrubHub in 2011.
He later launched a development firm called Blueprint before turning his focus to XP—his first blockchain project.
Mike Saunders, founder and CEO of XP
Speaking about the platform’s momentum, Saunders said,
“XP has sold millions of dollars in annualized ticket sales to thousands of customers.”
When asked about a future token launch, he offered no firm answer.
However, at the Solana Boston event last October, Saunders reportedly expressed his deep commitment to the project, saying he thinks about the startup "constantly and obsessively."
XP enters an already crowded ticketing space, where dominant players like TicketMaster and SeatGeek have drawn heavy criticism.
Recent regulatory changes in the US—such as the Biden administration’s ban on hidden junk fees, which took effect on 13 May—have added pressure on incumbents to offer more transparent pricing.
XP is branded as “upfront pricing” and “no hidden fees”.
XP, which displays total costs upfront, is aligned with that shift.
Yet XP’s ambitions stretch beyond ticket sales.
The company is preparing to roll out a feature allowing users to resell their tickets directly on the platform.
More notably, XP hints at a broader vision tied to fandom.
Saunders said,
“Fandom is deeply personal, and we believe blockchain unlocks a whole slew of opportunities for fans to be recognized, celebrated and rewarded.”
He added that XP plans to offer users access to “special rewards, epic experiences and exclusive perks” by using verified on-chain fandom data.
Although specific details have yet to be shared, the company’s direction points to loyalty-driven engagement that leverages blockchain without overwhelming users with its complexity.
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Joy