Financing news | Blockchain interoperability agreement Axelar completes $25 million in Series A financing

According to a report from The Block on July 15, Axelar, a decentralized protocol that helps users connect multiple blockchains, raised $25 million in Series A financing.

Financing news | Blockchain interoperability agreement Axelar completes  million in Series A financing

This round of financing was led by Polychain Capital, with participants including Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, Lemniscap, SCB 10X, Divergence Ventures, etc. In addition, angel investors including Terra co-founder Do Kwon and Catalyst Sports & Media CEO Happy Walters also joined this round of financing.

When the reporter contacted Axelar, the company declined to comment on whether the funds were obtained through equity financing or through token sales.

Sergey Gorbunov, co-founder and CEO of Axelar, told The Block that Axelar will expand its 15-person team with the help of new funds to support more blockchain integration and accelerate development progress.

Gorbunov said that Axelar is hiring technical staff, including blockchain engineers, as well as non-technical positions such as community and business development.

The Axelar protocol is currently running on the testnet, and it allows developers to build applications on any blockchain platform and take advantage of cross-chain liquidity. Axelar stated that the developers of the Polkadot, Terra and Avalanche blockchains are already using the protocol.

Gorbunov told The Block:We are currently in testnet mode, and our ecosystem partners are learning how to set up nodes on the network, send transactions, and help us build monitoring tools, dashboards, and wallet integration. We will continue to iterate on the deployment of the testnet to add more features and integrations until the network becomes more stable and ready to release the official version.

Gorbunov declined to comment on the launch schedule of the Axelar mainnet. This network is being developed by Algorand’s founding team members Gorbunov and Georgios Vlachos.

This A round of financing brings Axelar’s total financing to nearly 29 million US dollars. In November last year, the agreement raised $3.75 million in seed funding. At that time, venture capital firm DCVC, cryptocurrency exchange Binance’s smart chain accelerator fund Binance X, and AngelList CEO and founder Naval Ravikant all participated in the seed round of financing.

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