Axelar, a decentralized protocol designed by the founding members of the Algorand blockchain, has raised $25 million in a Series A funding round led by Olaf Carlson-Wee’s Polychain Capital.
- The funds will be used to support the growth of the network’s integrations and provide more engineering resources for the team, the firm said.
- Other notable investors include Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, Collab+Currency, Cygni Capital, Lemniscap and Divergence Ventures, among others.
- The Axelar protocol allows developers to build on any blockchain platform using global cross-chain liquidity and composability through its network.
- Currently, the Axelar network is in the “testnet” phase with Polkadot, Terra and Avalanche.
- Once live, Polkadot users will be able to move digital assets from external chains using the Moonbeam smart contract platform and use them in decentralized applications.
- Avalanche users and developers will be able to access assets on Bitcoin, Ethereum and other chains connected to Axelar’s network.