Blockchain Interoperability Network Axelar Raises $35M at $1B Valuation

Polychain Capital and Dragonfly Capital were among the investors in the company building a network to connect users, assets and decentralized applications across multiple blockchains.

AccessTimeIconFeb 15, 2022 at 1:00 p.m. UTC
Updated May 11, 2023 at 3:59 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Axelar, a decentralized network connecting multiple blockchains, has closed a $35 million Series B funding round at a $1 billion valuation.

Investors included Polychain Capital and Dragonfly Capital. The funding will be used to further the network’s phased mainent rollout.

The round grew by $10 million to $35 million in the final days before the round closed, Axelar told CoinDesk in an email. Dragonfly joined up during that time, but the additional funding came from multiple investors.

Other notable investors in the round included North Island Ventures, Rockaway Blockchain Fund, Cygni Capital, Lemniscap, Olive Tree Capital, Blockchange Ventures and Node Capital, among others.

Created by the founding team behind the Algorand blockchain, Axelar is building a network and tools intended to connect users, assets and decentralized applications (dapps) across multiple blockchains to unlock cross-chain composability and liquidity.

The phased mainnet launch started last month, and Axelar has started onboarding validators and wallet integrations. Other plans include the beta launch of Satellite, a dapp for transferring assets between a number of blockchains including Ethereum and Terra, and a software development kit (SDK) that lets developers build dapps on top of the Axelar network.

Axelar has existing integrations with Polygon, Polkadot, Cosmos and Pangolin Exchange that have already gone live.

"While Web 3 continues to grow, connecting users and providing frictionless experiences across multiple blockchains is critical. Axelar's interoperability stack is uniquely positioned to connect blockchains and decentralized applications in the ecosystem,” said Polychain Capital founder and CEO Olaf Carlson-Wee in a press release.

Last summer, Axelar raised $25 million in a Series A round led by Polychain Capital.

CORRECTION (Feb. 15, 13:38 UTC): Corrected amount raised in headline and story to $35 million.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.