Axelar Raises $25M in Series A Fundraising Led by Polychain Capital

15 July 2021

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.

Read more: Enso Finance Completes $5M Funding Round Led by Polychain, Dfinity

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.