Arrington Capital, Electric Capital and other new investors make a strategic investment in Axelar, citing decentralized blockchain interoperability as critical for expanding US dollar access via stablecoins and institutional tokenization of real-world assets (RWAs).
NEW YORK--(BUSINESS WIRE)--$AXL #AXL--Axelar Foundation today disclosed new strategic investments into the AXL token. The total of investments exceeded $30M. A number of crypto investment funds participated, including Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C^2 Ventures, Plassa Capital, Wagmi Ventures, among others.
"We've had the privilege of knowing the exceptional team behind Axelar for many years and have great admiration for their bold vision to become the 'internet of blockchains.' Their unique approach to building a truly decentralized and open-sourced connectivity layer addresses key challenges prevalent in existing connection architectures. We are excited to be part of their ecosystem as they bring to market critical infrastructure required for the future of Web3,” said Michael Arrington of Arrington Capital.
The AXL token provides protocol-level utility that scales with the demand for interop. New blockchain connections accumulate AXL in reward pools to incentivize Verifiers that secure interchain messages. Axelar Network itself is a blockchain, which enables rich, permissionless tooling for developers using Axelar's Mobius Development Stack (MDS) to connect and tokenize across all blockchains.
"We're entering an era where traditional assets like currencies, bonds, and equities will exist across multiple blockchains, unlike BTC, ETH, and crypto-native assets which originated on specific chains," said Curtis Spencer at Electric Capital. "Axelar provides the essential technology that enables these chain agnostic assets to work together seamlessly, powering everything from DeFi to everyday financial transactions. We're thrilled to support their mission of building this interconnected future."
A portion of these investments involved purchases of unlocked AXL tokens from Axelar Foundation's ecosystem allocation. These tokens are subject to new lockups ranging from six to 12 months. The amount of tokens sold out of the ecosystem fund has not been disclosed.
The new investors join a list of Axelar backers that already includes Binance Ventures, Coinbase Ventures, Dragonfly Capital, Galaxy Ventures and Polychain Capital.
About Arrington Capital
Arrington Capital is a thesis-driven digital asset management firm focused on blockchain-based capital markets. The firm, co-founded in 2017 by TechCrunch and CrunchBase founder Michael Arrington, has invested in over 300 early-stage companies within the Web3 ecosystem. Arrington Capital is a seasoned, international team with deep venture capital legacy, trading experience and crypto native roots. Arrington Capital's first fund was Arrington XRP Capital, and has expanded to multiple funds over time. For more information on Arrington Capital, visit https://www.arringtoncapital.com/.
About Electric Capital
Electric Capital is an engineering-led global venture capital firm investing in early-stage crypto and frontier technology. Founded in 2018, Electric invests in companies and protocols across infrastructure, developer tooling, crypto-enabled fintech, decentralized finance, marketplaces, applications, and the intersection of crypto and AI. Learn more at: electriccapital.com
About Axelar
Axelar is the Web3 interoperability platform, delivering the shortest path to scale: an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups with a combined total value locked (TVL) that has crossed $1 billion. Axelar supports a best-in-class developer stack on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain. Learn more: axelar.network.
About Axelar Foundation
Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar Network, a decentralized blockchain interoperability platform that connects multiple blockchain ecosystems. Learn more at axelar.foundation.
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