Axelar Secures $35 Million in Series B Funding on February 15, 2022

According to industry sources, Axelar raised $35 million in its Series B funding round on February 15, 2022. Investors participating in this round include Dragonfly, Lemniscap, Blockchange Ventures, Polychain, North Island Ventures, RockawayX, Olive Tree Capital, Node Capital, Cygni Capital, and Waikit Lau. Following this transaction, Axelar’s total funding reached $143.75 million, with its latest valuation at $1 billion.Axelar is a decentralized cross-chain communication network dedicated to enhancing Web3 interoperability by connecting heterogeneous blockchains and enabling asset liquidity and programmability. The project comprises a network layer and an API layer, with its core being a permissionless overlay network that provides Turing-complete cross-chain communication via proof-of-stake and permissionless protocols. Notably, in July 2023, Axelar entered into a partnership with technology giant Microsoft to jointly develop blockchain interoperability solutions, underscoring its technological capabilities and market recognition. Since its inception with a seed round at the end of 2020, Axelar has completed multiple funding rounds and launched its native token AXL for trading in September 2022, demonstrating robust growth momentum. As demand for cross-chain interoperability continues to rise, Axelar’s solutions are poised to play a pivotal role in advancing connectivity within the blockchain ecosystem.