Blockchain platform Axelar establishes unicorn status, mainnet launch impending
The Axelar Network has announced the completion of a $35 million Series B funding round, pushing its market value above $1 billion. Participants of the round include Dragonfly Capital, Polychain Capital and North Island Ventures, among others.
The raise succeeds a previously undisclosed round led by the head of Crypto.com Capital, Bobby Bao in late-November 2021, a nine-investor $25 million Series A raise led by Polychain Capital, and participated by Mike Novogratz’s Galaxy Digital in mid-July 2021, in addition to two seed rounds across the year of 2020.
Founded in early 2020 by inaugural team members at Algorand and esteemed MIT graduates, Axelar is an infrastructure protocol that fosters interoperable connectivity between blockchain platforms, decentralized applications (DApps) and associated functionalities.
After securing mainnet integrations with a series of validators and leading blockchain platforms such as Ethereum, Avalanche, Polygon and Polkadot, in addition to the upcoming release of the Axelar SDK, developers will have the ability to build applications to become accessible across all networks within the Axelar system.
In principle, this cross-chain technology would provide expansive possibilities for both developers and users by increasing access to liquidity and user base while enabling seamless transition across networks.
Cointelegraph reached out to Sergey Gorbunov, the CEO and Co-founder of Axelar, for an exclusive insight into the specific strategies for capital deployment across the business in preparation for their upcoming mainnet release.
He noted that the “primary focus is to provide universal interoperability with minimal risk”, and that “the funds will be used to continue building the core network
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