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Axelar Raises $25M in Series A Fundraising Led by Polychain Capital
The funds will be used to support the network’s integrations and provide more engineering resources for the team.
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.
STORY CONTINUES BELOW
- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
