Axelar officially raises $60M seed funding for future Web3 leaders

Axelar, which happens to be a prime entity related to infrastructure projects which offer safe and secure interchain communication, has officially announced putting aside an amount of $60 million in the form of funding. However, this has been done through the Axelar Ecosystem

Startup Funding Program that they run to give the required push and encouragement to innovative and captivating projects in Web3. As in the present scenario, all of the builders and developers creating and introducing the various products through Axelar need to keep in mind factors of mass acquisition, wherein users do not need to alternate between different blockchains.

All builders and developers utilizing the Axelar platform can successfully join forces all over the globe with the proper utilization of open-source code and decentralized networks. They are also in a position wherein they can bypass the seemingly endless business development cycles by utilizing codes amongst themselves.

Further, developers on Axelar also require a decentralized structure base to create upon. They are not of the mindset to have their networks controlled or the possibility of them being hacked into through multisigs. They come with the capability of creating applications that promise permissionless blockchain. 

In this scenario, it is just for the benefit of these builders that the funding program has been envisaged. It has various prime crypto-based investment firms collaborating and contributing to this purpose. Some names include Blockchange, Dragonfly Capital, Cygni Capital, Divergence Ventures, and others like it.

Advertisement

The Axelar funding program has been created with the sole vision of promoting like-minded and capable builders to carry on their efforts in a more financially stable way and bring out the best concerning Web3. Furthermore, it is said that they want to build a pipeline for the builders and developers who want to construct the QWeb3 ecosystem more so that they can put the tough competition to all their rivals on the centralized web.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button