Axelar Launches $60M Startup Ecosystem Program

Axelar is a proof-of-stake (PoS) blockchain that delivers secure cross-chain communication for Web3, and it launched a $60 million Ecosystem Startup Funding Program to hasten the development of decentralized applications and protocols that may replace centralized exchanges on December 19. 

What is Axelar?

Boosted by a team that includes successful people coming from amazing places, such as MIT and Google, Axelar delivers secure cross-chain communication for Web3. Its infrastructure allows dApp users to interact with any asset or application on any chain.

The company, valuated at $1 billion, closed a $35 million funding series B round in February. Top-tier investors, like Binance, Coinbase, Dragonfly Capital, and Polychain Capital, invested in raising the company’s capital as well. 

Backed by over 15 blockchain investors, The Axelar Ecosystem Startup Funding Program is an initiative designed to help connecting investors and developers of Web3 applications. The applications solve issues that cannot be solved by the centralized internet.

The managing partner of Dragonfly Capital, Haseeb Qureshi, stated about the subject: 

“The next wave of crypto adoption won’t come on its own. We’re actively looking to invest in teams building applications and use cases that will build that momentum. These teams have a clear vision and they’re looking for infrastructure like Axelar to make their vision possible. This is the nexus through which the next wave in crypto emerges.

Sergey Gorbunov, the co-founder and CEO of Axelar and the founding team member at Algorand, mentioned: 

“2021-2022 saw an unprecedented influx of new developers into Web3. In 2023, we expect to see less quantity, but more quality. For those who have the conviction and the capability to build truly permissionless systems, the collapse of FTX only fuels their determination. The best developers in Web3 are no longer content to cede onramps to entities that operate ‘blockchain’ services run on a database. They are more committed than ever to solving problems of digital sovereignty, privacy, and access that the centralized web can’t solve — and delivering those solutions on infrastructure that can onboard masses, seamlessly.”

The funding provided grants to over 50 projects, of which almost 33% were able to raise seed or pre-seed funding. 

“Variables like market conditions may impact deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that rate of funding for projects in the Axelar ecosystem — whether they are in the Grant Program or not — in 2023.” is noted by Gorbunov. 

The blockchain investors for the project consist of Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund, and SCB 10X.

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