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.
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.