Axelar protocol backed by Algorand raises $3.7 million in a seed funding round

Axelar, an inter-blockchain communication protocol backed by Algorand raises its seed funding round with the help of Binance X and others.

By · Nov 14, 2020 . 6min read

Axelar protocol raises funding news

Toronto-based Axelar protocol which focuses on cross-communication among different blockchain announces seed funding of $3.7 million from Binance X and others.

The inter-blockchain communication (IBC) protocol is backed by Algorand founding members like Silvio Micali and Steve Kokinos. To add to Binance X, the investment arm of Binance, venture capital firm DCVC (Data Collective), Divergence Ventures, a crypto operator fund invested as well. Among individual investors are Waikit Lau CEO and Co-founder of RemoteHQ and AngelList founder Naval Ravikant.

Consequently, Sergey Gorbunov, co-founder and CEO at Axelar on the seed funding statement said

“This will be crucial to help us accelerate our roadmap and to scale cross-chain communication. Today, we are seeing more and more autonomous blockchain platforms emerge, with no unified approach for developers to communicate with the entire ecosystem.”

Currently, the blockchain and cryptocurrency community has seen the launch of Solana, Cardano and Polkadot. Therefore, Sergey Gorbunov aims for Axelar protocol to be the connecting bridge among several decentralized ledger networks out there. As a result of blockchain interconnectivity by Axelar, dapp developers will no longer have to face the hassle of tailoring their solutions to meet each blockchain specification. Axelar provides a “universal API” to make IBC possible.

More specifically, Axelar seed funding towards expanding its product network and building more developer tools. It will also be employing more engineers to scale their expected user requests.

Binance X impressed with Axelar’s work hence leads the seed funding investment.

Teck Chia, Head of Binance X, commented on the anticipation of Axelar facilitating IBC among Binance Smart Chain and others.

“We are impressed by Sergey and Georgios from the Axelar team for their strong background in cryptography and consensus. Interoperability is an important challenge for today’s blockchain ecosystem. We appreciate Axelar’s decentralised, secure, and uniform approaches to complete cross-chain communication. We look forward to supporting Axelar in enabling interoperability with the Binance Smart Chain.”

Meanwhile, Algorand boasts of ultra-fast blockchain transaction capabilities with support for smart contracts.

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