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Fremont, CA: Axelar is developing a decentralized network and tools to connect users, assets, and dApps from various blockchain ecosystems. The network enables developers to build on the best platform for their requirements while also leveraging the Axelar stack to enable cross-chain composability and liquidity. Axelar Network is made up of a protocol suite, tools, and APIs that are designed to remove barriers to cross-chain communication.
Axelar, the universal interoperability network connecting all blockchain ecosystems, applications, assets, and users, has secured a strategic investment from Crypto.com Capital, the investment arm of cryptocurrency giant Crypto.com. This investment will help Axelar achieve its goal of bringing decentralized interoperability to blockchain ecosystems.
Sergey Gorbunov, Co-founder and CEO of Axelar, remarked: "We are grateful for the continued support of our investors and stakeholders, who understand the urgent industry need for a universal interoperability framework, and trust in Axelar to achieve this. With this further funding we will continue to work towards our goal in enabling users to leverage cross-chain interoperability to facilitate asset transfer and increase liquidity, securely expanding their user base and reach."
Other notable investors in Axelar's latest financing round, in addition to Crypto.com Capital, include Informal Systems Inc; SushiSwap's co-founder, 0xMaki; Scytale Ventures; Morningstar Ventures; and Zero Knowledge Validator. This funding will be used to expand the core Axelar team and aid in the development of the ecosystem. This follows Axelar's Series A funding round, which bagged $25 million USD in July 2021 and was led by Polychain Capital.
The Axelar protocol is powered by a decentralized network and is explicitly designed with a protocol suite, tools, and APIs to remove barriers to cross-chain communication. The protocol allows developers to build on any blockchain platform while taking advantage of global cross-chain liquidity and composability via the Axelar Network. Polygon,Terra, Avalanche, Polkadot, Pangolin Exchange, and Keplr Wallet are among the early adopters of the Axelar Network, which is currently live in testnet.
Bobby Bao, Co-Founder of Crypto.com and MD of Crypto.com Capital, commented, "Increased adoption of blockchain has showcased many key limitations in terms of scalability and liquidity. Cross-chain interoperability is emerging as the solution for this, offering transmission of value and information between different blockchain networks. Axelar has a unique approach to interoperability, providing easy connectivity, high security, and robustness to its infrastructure. Our investment in Axelar is another important step towards allowing our users to transact across more assets."