Axelar launches $60M startup ecosystem program
The proof-of-stake (PoS) blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors.
Dubbed Axelar Ecosystem Startup Funding Program, the initiative was designed to foster the development of Web3 applications addressing global issues that cannot be solved by the centralized internet. To qualify for funding, projects must also safeguard digital sovereignty, security and privacy, and work to onboard masses easily without unnecessary friction between specific blockchains or tokens, noted the company.
Sergey Gorbunov, Axelar co-founder and CEO, told Cointelegraph about the development:
The funding is linked to the Axelar Grant Program, which was launched in 2022 and provided grants to over 50 projects, approximately 33% of which were able to raise seed or pre-seed funding. "Variables like market conditions may impact deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that rate of funding for projects in the Axelar ecosystem — whether they are in the Grant Program or not — in 2023," noted Gorbunov.
Related: Security and interoperability, the challenges ahead of Web3 mass adoption
The program is supported by a group of blockchain investors, including Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund and SCB 10X.
The program aims to establish a connection between investors and developers building interchain dApps. Development partners include Arbitrum,
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