Axelar Raises $25M Series A to Develop its Universal Blockchain Interoperability Offering

Announcements, Blockchain, Investing, News | July 16, 2021 By:

Axelar, the decentralized interoperability network that connects blockchain ecosystems, applications and users, has raised $25 million in its Series A funding from a notable group of investors, led by Polychain Capital.

The round also saw participation from Dragonfly Capital; Galaxy Digital; North Island Ventures; Robot Ventures; Collab+Currency; Cygni Capital; Lemniscap; Divergence Ventures; SCB 10X; Hypersphere; Zola Global Investors; Nima Capital; and GoldenCoin TS LLC. Angel investors participating in the Series A are Do Kwon, co-founder of Terra; Happy Walters, co-founder and CEO of Catalyst Sports & Media; Waikit Lau, founder and CEO of RemoteHQ; and others.

Axelar protocol is powered by a decentralized network and designed explicitly to frictionlessly connect all blockchain ecosystems that speak different languages. The protocol empowers developers to build on any blockchain platform and leverage global cross-chain liquidity and composability via the Axelar Network. Axelar Network is currently live in testnet, with a range of early adopters including the Polkadot, Terra, and Avalanche ecosystems. Polkadot users will be able to move digital assets from external chains to Moonbeam and use them in decentralized applications, while Avalanche users and developers will be able to access assets on Bitcoin, Ethereum, and additional chains connected to Axelar’s network.

The latest funding will go towards scaling the network’s key integrations and providing more engineering resources for the team’s rapid expansion.

“We are delighted to have reached such an important funding milestone, which will allow us to work towards our goal in delivering complete industry wide blockchain interoperability solutions, including further integrations with other networks,” said Sergey Gorbunov, Co-founder & CEO of Axelar. “We are thankful for such a vote of confidence in Axelar by our investors and stakeholders, who have recognized the need for scalable cross-chain communication, and believe that Axelar is the one to deliver it.”