Axelar, a decentralized protocol designed by the founding members of Algorand to allow cross-blockchain communication, has raised $3.75 million in seed funding.

Announced Thursday, the round saw participation from investors including Binance X, the investment arm and accelerator of cryptocurrency exchange Binance, as well as San Fransisco-based venture capital firm DCVC (Data Collective).

Other participants included crypto operator fund Divergence Ventures, serial entrepreneur Waikit Lau and AngelList founder Naval Ravikant.

The protocol attempts to rectify this by acting as a communications bridge, connecting blockchain ecosystems that in effect speak different languages. In turn, this will save developers the hassle of rewriting their decentralized apps, or dapps, for each network by using Axelar’s universal protocol and API, according to the company.

The seed funding will go toward further developing the network’s technology, tools and API solutions, along with recruiting the engineers that will assist in the design of the underlying protocols, per the announcement.


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Algorand-Backed Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate

by Mario Herndon
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