Axelar, a decentralized interoperability network that connects blockchain ecosystems, apps, and users, has raised $25m in its Series A funding, led by Polychain Capital. The funding will go towards scaling the network’s key integrations and providing more engineering resources for the team’s rapid expansion.
In addition to Polychain Capital, notable investors in the funding round include 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 this Series A include 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.
The Axelar protocol is designed explicitly to frictionlessly connect all blockchain ecosystems that speak different languages. The protocol empowers developers to build on any blockchain platform and leverage 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 dApps; while Avalanche users and developers will be able to access assets on Bitcoin, Ethereum, and additional chains connected to Axelar’s network.
“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. 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.”
– Sergey Gorbunov, Co-Founder & CEO of Axelar