Algorand-Backed Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate

bit2Big > Bitcoin News > Algorand-Backed Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate

Axelar, a decentralized protocol designed by the founding members of Algorand to allow cross-blockchain communication, has raised $3.75 million in seed funding.

Announced Thursday, the round saw participation from investors including Binance X, the investment arm and accelerator of cryptocurrency exchange Binance, as well as San Fransisco-based venture capital firm DCVC (Data Collective).

Other participants included crypto operator fund Divergence Ventures, serial entrepreneur Waikit Lau and AngelList founder Naval Ravikant.

“This [seed funding] will be crucial to help us accelerate our roadmap and to scale cross-chain communication,” said Sergey Gorbunov, co-founder and CEO at Axelar. “Today, we are seeing more and more autonomous blockchain platforms emerge, with no unified approach for developers to communicate with the entire ecosystem.”

The protocol attempts to rectify this by acting as a communications bridge, connecting blockchain ecosystems that in effect speak different languages. In turn, this will save developers the hassle of rewriting their decentralized apps, or dapps, for each network by using Axelar’s universal protocol and API, according to the company.

The seed funding will go toward further developing the network’s technology, tools and API solutions, along with recruiting the engineers that will assist in the design of the underlying protocols, per the announcement.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

Crypto Custodian Copper Aims to Bridge Gap Between DeFi and Traditional Finance With New Tool
November 29, 2020By
DRC: Tshisekedi and Kabila fall out
November 29, 2020By
Luke Gromen: the History and Future of the Global Dollar System
November 29, 2020By

Recent Cases

Related Posts

Leave a Reply