Home News Blockchain platform Axelar establishes unicorn status, mainnet launch impending

Blockchain platform Axelar establishes unicorn status, mainnet launch impending

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The Axelar Network has closed a $35 million Series B investment round, bringing its market capitalization to over $1 billion. Dragonfly Capital, Polychain Capital, and North Island Ventures are among the investors who participated in the round.

The round follows a previously unreported round headed by Bobby Bao, the CEO of Crypto.com Capital. In late November 2021, a nine-investor $25 million Series A round led by Polychain Capital in mid-July 2021. And two seed rounds in 2020.

Axelar is an infrastructure protocol that supports interoperable communication across blockchain platforms, decentralised apps (DApps), and related functionality. It was founded in early 2020 by members of Algorand’s founding team and prominent MIT grads.

Developers will be able to build applications that will be accessible across all networks within the Axelar system. After securing mainnet integrations with a series of validators and leading blockchain platforms. Such as Ethereum, Avalanche, Polygon, and Polkadot, and the upcoming release of the Axelar SDK.

World of possibilities

In theory, this cross-chain technology would open up a world of possibilities for both developers and users by expanding access to liquidity and expanding the user base while allowing for seamless network transitions.

The funds will be utilised to continue growing the core network functionalities, as well as scaling integrations with other blockchains and apps, according to Sergey Gorbunov, the CEO and Co-Founder of Axelar.

“Axelar engineers are also aiming to make the network simple to use so that developers on any blockchain may access the most liquidity and users. As a result, we’re devoting resources to upgrading our APIs, SDKs, and documentation.”

Gorbunov addressed worries that the DeFi business is becoming overly reliant on centralised interoperability bridges in December 2021, a culturally significant problem that raises legitimate concerns about true decentralisation in the space.

Developers want the flexibility to build on the chain that best matches their purposes

Gorbunov went on to explain how a cross-chain and/or multichain ecosystem model may help both users and developers later in our talk.

“Multichain isn’t a thing of the future; it’s already here: Observe the development of numerous Layer 1 blockchains. The growth of paired solutions, as well as the increased value invested in those solutions, demonstrates the desire for cross-chain services.”

“It’s evident that developers want the flexibility to build on the chain that best matches their purposes, without losing liquidity,” he stated. Users are all looking for the same thing. Our goal at Axelar is to reduce the dangers of cross-chain activity. While maximising the potential advantages to developers and users.”

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