Axelar secures funding for $35 million
In its Series B fundraising round, Axelar Network secured $35 million in funding. There were a number of investors who helped to the raising of funds for the project, including Dragonfly Capital, North Island Ventures, Rockaway Blockchain Fund Cygni Capital, Lemniscap, Olive Tree Capital Blockchange Ventures, and Node Capital.
In order to connect different blockchain ecosystems, the Axelar Network provides developer tools and APIs. To construct an interoperability network for Layer 1 blockchains, the Axelar team said in a news statement on Tuesday that the newly raised funds would finance the network’s growth and development.
Axelar’s funding news was disclosed before the expected release of its kit (SDK) enabling developers to construct cross-chain dApps on the network. Late in January, the Axelar team launched their phased mainnet. Satellite, Terra’s first decentralized application (dApp), allows users to move assets between Terra and various other chains, including Ethereum, Avalanche, Polygon, Fantom, and Moonbeam, among others.
Smart contracts, secured by a distributed network of validators, are used by Satellite to allow the movement of assets between chains. Interoperability protocols like Connext, Celer, AnySwap, and Wormhole will all be competing with Axelar in the market. Because of their security flaws, cross-chain asset transfer protocols like Axelar have been criticized by blockchain pioneers like Vitalik Buterin.
Hackers have targeted cross-chain bridges in order to steal hundreds of millions of dollars from their victims. Hackers have been known to steal large sums of money, such as $611 million from an interoperability protocol known as Poly Network in August 2021. The multi-chain bridge Wormhole was compromised by an unknown hacker for $322 million earlier this month.
- The Series B fundraising round for Axelar Network brought in $35 million.
- Blockchain ecosystems can now be connected via the decentralised protocol Axelar.
- Late in January, the Axelar team launched their phased mainnet.