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 Feb 15, 2022 at 8:11 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Trending

1
CoinDesk - Unknown
Harmony Horizon Exploit Linked to North Korea; $10M Bounty Offered in 'Global Manhunt'

Developers said the team was “gathering wallet data” and strategizing plans based on the impact that the incident caused on users.

CoinDesk - Unknown
2
CoinDesk - Unknown
Singapore Central Bank Reprimands Three Arrows Capital for Providing False Information

The fund also exceeded the threshold of assets it could manage in Singapore, according to the central bank.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: How Traders Are Shorting Tether Stablecoins; Bitcoin Falls but Holds Above $20K

Hedge funds are increasingly betting against USDT in anticipation of it losing value amid concerns about the coin’s reserve backing and systemic risks; ether drops.

CoinDesk - Unknown
4
CoinDesk - Unknown
Hurry Up With Crypto ID Checks, FATF Tells Countries

After the potentially privacy-busting ‘travel rule’ for crypto transfers, global standard-setters at the Financial Action Task Force have their eyes on Defi, NFTs and unhosted wallets.

CoinDesk - Unknown