Decentralized interoperability fabric Axelar has received $3.75 million in seed funding from high-profile tech and crypto investors, including Binance X, DCVC (Data Collective), Divergence Ventures, among others.
Developed by the founding team members of Algorand, Axelar provides a decentralized network that connects dApp builders with blockchain ecosystems, applications and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it and build on it. The Axelar Fabric provides a uniform solution to cross-chain communication that meets the needs of both platform developers and application builders. For platform developers no integration work is required from them, and for application builders one simple protocol and API can be used to access global liquidity and communicate with the entire ecosystem. By building the infrastructure that is currently missing from blockchain cross-chain solutions, Axelar is making cross-chain communication as simple as using the Internet.
The funding will be used towards building the tech, tools, and API solutions of the network, along with recruiting the engineers that will help design the underlying technology and protocols.
“We are delighted to receive backing from such a high calibre group of investors,” said Sergey Gorbunov, Co-founder & CEO of Axelar. “This support will be crucial to help us accelerate our roadmap and to scale cross-chain communication. Today, we are seeing more and more autonomous blockchain platforms emerge, with no unified approach for developers to communicate with the entire ecosystem. By launching Axelar, we’re allowing developers to build on the best platforms for their needs and leverage a simple protocol suite and API to access global cross-chain liquidity, users, and communication.”
“We are impressed by Sergey and Georgios from the Axelar team for their strong background in cryptography and consensus. Interoperability is an important challenge for today’s blockchain ecosystem,” said Teck Chia, Head of Binance X. “We appreciate Axelar’s decentralized, secure, and uniform approaches to complete cross-chain communication. We look forward to supporting Axelar in enabling interoperability with the Binance Smart Chain.”
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