Axelar receives US$25 million to develop its blockchain interoperability protocol
Axel, a Decentralized interoperable network The company that connects the blockchain ecosystem, applications, and users has raised $25 million in its Series A financing, led by Polychain Capital. The funds will be used to expand the key integration of the network and provide more engineering resources for the rapid expansion of the team.
In addition to Polychain Capital, well-known investors in this round of financing include Dragonfly Capital; Galaxy Digital; North Island Venture Capital; Robot Venture Capital; Collaboration + Currency; Swan Capital; Lemniscap; Divergent Venture Capital; SCB 10X; Hypersphere; left Pull global investors; Nima Capital; and GoldenCoin TS LLC.
Angel investors participating in this round of A round include Terra co-founder Do Kwon; Catalyst Sports & Media co-founder and CEO Happy Walters; RemoteHQ founder and CEO Waikit Lau; and others.
The Axelar protocol is clearly designed to seamlessly connect all blockchain ecosystems that use different languages. The agreement enables developers to build on any blockchain platform and take advantage of cross-chain liquidity and composability through the Axelar network.
Axelar Network is currently running in a testnet, with a series of early adopters, including the Polkadot, Terra and Avalanche ecosystems. Polkadot users will be able to transfer digital assets from external chains to moonlight And use them in dApps; Avalanche users and developers will be able to access assets on Bitcoin, Ethereum and other chains connected to the Axelar network.
“We are pleased to reach such an important financing milestone, which will enable us to work towards our goal of providing a complete industry-wide blockchain interoperability solution, including further integration with other networks. We thank our investors and Stakeholders cast such a vote of confidence in Axelar; they have recognized the need for scalable cross-chain communication and believe that Axelar is the one who provides it.”
– Sergey Gorbunov, co-founder and CEO of Axelar