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Polychain-Backed Axelar Raises $25 Million in Series A Funding

Axelar, a firm that enables the transfer of assets across different blockchains, raised $25 million.

The Series A funding round, led by Olaf Carlson-Wee’s Polychain Capital LLC, will go toward scaling the network’s key integrations and providing more engineering resources expansion, according to a statement from the company. Other investors include Dragonfly Capital, Galaxy Digital, North Island Ventures and Robot Ventures.

“We are very excited to help support Axelar’s pioneering blockchain interoperability solutions,” Carlson-Wee said in the statement.null

Axelar’s protocol is designed to connect all blockchain ecosystems regardless of which computer language they use. It has a range of early adopters including the Polkadot, Terra and Avalanche ecosystems. Avalanche users and developers, for instance, will be able to access assets on Bitcoin, Ethereum and additional chains connected to Axelar’s network.

Axelar was developed by the founding team members of Algorand, an open-source software company that aims to solve security, scalability and decentralization issues for blockchains.

Source: Bloomberg