Axelar Raises $35M to Reach a $1B Valuation for Its Network

Axelar, the worldwide, decentralized interoperability network linking all blockchain ecosystems, apps, and assets, announced today the completion of a $35 million fundraising round led by Polychain Capital, Dragonfly Capital, North Island Ventures, Cygni Capital, Rockaway Blockchain Fund, Lemniscap, Blockchange Ventures, Olive Tree Capital, and Node Capital, among others.

Axelar’s newest Series B fundraising round valued the company at $1 billion. The funds will be used to assist Axelar’s expansion as it continues to roll out its mainnet.

Axelar CEO and co-founder Sergey Gorbunov stated that by using this finance, they would continue to build Axelar and its network while creating the necessary foundations for Web3. He went on to say that the blockchain industry’s most prominent barrier to mass adoption is the lack of scalable interoperability and that it’s exciting to see existing and new investors perceive Axelar as the basic infrastructure stack that will drive the whole ecosystem’s growth.

Axelar has started onboarding validators, wallet integrations, monitoring tools, and relay infrastructure since late January. It also introduces Satellite (Beta), an early dApp based on the Axelar network that allows users to move assets across Ethereum, Avalanche, Terra, and Moonbeam.

Axelar connects people, assets, and dApps across blockchain ecosystems as a decentralized network. With the Axelar stack, developers may build on the optimal platform for their needs while gaining cross-chain composability and liquidity. Axelar Network is a whole set of protocols, devices, and APIs that enable cross-chain communication that anyone may join, utilize, and build on the decentralized open network of validators. The Axelar Network allows dApps to interface with the whole blockchain ecosystem. Axelar’s co-founders are award-winning MIT grads who developed the company while studying at MIT.

CEO of Polychain Capital, Olaf Carlson-Wee, shares some vital information that as Web3 grows, it is imperative to connect the consumers for providing seamless experiences across many blockchains. Also, as Axelar’s interoperability stack connects blockchains and decentralized apps, it will allow developers to choose where to post their apps while enabling global distribution and liquidity. As a result, the team is making fantastic progress, and they are proud to support them.

Polkadot, Polygon, Cosmos, and Pangolin Exchange launched Axelar integrations. The Axelar SDK will let developers construct powerful cross-chain enabled dApps powered by the Axelar overlay network. This allows developers access to all Axelar-connected blockchain assets and ecosystems.

Dusan Kovacic, CIO of Rockaway Blockchain Fund, states that, in  Web 3, they will see a trend towards native multichain apps, where users interact with assets across numerous chains through a single interface. Axelar integrates the existing segregated networks in a scalable and safe way as it is a platform that abstracts the complexities of inter-blockchain communication into a simple SDK. He further added that, as investors, they are proud to help Axelar improve the industry.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 66,260.75
ethereum
Ethereum (ETH) $ 3,543.84
tether
Tether (USDT) $ 0.999413
bnb
BNB (BNB) $ 608.84
solana
Solana (SOL) $ 144.33
xrp
XRP (XRP) $ 0.479655
dogecoin
Dogecoin (DOGE) $ 0.136663
cardano
Cardano (ADA) $ 0.410689