Algorand-Linked Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate

Axelar is a decentralized protocol designed by the founding members of Algorand to make it easier for dapps to work across blockchains.

Nov 13, 2020 at 9:53 a.m. UTC
Updated Sep 14, 2021 at 10:30 a.m. UTC

Axelar, a decentralized protocol designed by the founding members of the Algorand blockchain to allow cross-blockchain communication, has raised $3.75 million in seed funding.

Announced Thursday, the funding round included participation from investors including Binance X, the investment arm and accelerator of cryptocurrency exchange Binance, as well as San Francisco-based venture capital firm DCVC (Data Collective).

Other participants included crypto investment firm Lemniscap, crypto operator fund Divergence Ventures, serial entrepreneur Waikit Lau and AngelList founder Naval Ravikant.

"This [seed funding] will be crucial to help us accelerate our roadmap and to scale cross-chain communication," said Sergey Gorbunov, co-founder and CEO at Axelar. "Today, we are seeing more and more autonomous blockchain platforms emerge, with no unified approach for developers to communicate with the entire ecosystem."

The protocol attempts to rectify this by acting as a communications bridge, connecting blockchain ecosystems that, in effect, speak different languages. In turn, this will save developers the hassle of rewriting their decentralized apps, or dapps, for each network by using Axelar's universal protocol and API, according to the company.

The seed funding will go toward further developing the network's technology, tools and API solutions, along with recruiting the engineers that will assist in the design of the underlying protocols, per the announcement.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
CoinDesk - Unknown
Bitcoin Options Data Suggests Bearish Sentiment Among Investors

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
3
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown