Axelar Protocol raises $3.75 million in seed funding

Decentralised blockchain protocol, Axelar, has raised $3.75 million in a seed funding round, attracting investment from the likes of Binance X

Decentralised interoperability company Axelar has announced the completion of a seed funding round with $3.75 million being raised.

Investors included the likes of Binance X, the Binance Smart Chain Accelerator Fund, and San Francisco-based venture capital firm DCVC.

Another notable investor was Divergence Ventures. 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.

Sergey Gorbunov, Co-founder & CEO of Axelar, said, “We are delighted to receive backing from such a high calibre group of investors. 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.”

Axelar protocol was developed by the founding members of Algorand and their team. It is powered by a decentralised network and designed to connect all blockchain ecosystems that speak different languages.

This will allow developers to launch and utilise products across multiple chains including Bitcoin, Ethereum and Polkadot.

Commenting on the investment, Teck Chia, Head of Binance X, said: “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.  We appreciate Axelar’s decentralised, 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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