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Blockchain Interoperability Network Axelar Raises $35M at $1B Valuation
Polychain Capital and Dragonfly Capital were among the investors in the company building a network to connect users, assets and decentralized applications across multiple blockchains.
By Brandy Betz
Updated May 11, 2023, 3:59 p.m. Published Feb 15, 2022, 1:00 p.m.
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Axelar, a decentralized network connecting multiple blockchains, has closed a $35 million Series B funding round at a $1 billion valuation.
Investors included Polychain Capital and Dragonfly Capital. The funding will be used to further the network’s phased mainent rollout.
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The round grew by $10 million to $35 million in the final days before the round closed, Axelar told CoinDesk in an email. Dragonfly joined up during that time, but the additional funding came from multiple investors.
Other notable investors in the round included North Island Ventures, Rockaway Blockchain Fund, Cygni Capital, Lemniscap, Olive Tree Capital, Blockchange Ventures and Node Capital, among others.
Created by the founding team behind the Algorand blockchain, Axelar is building a network and tools intended to connect users, assets and decentralized applications (dapps) across multiple blockchains to unlock cross-chain composability and liquidity.
The phased mainnet launch started last month, and Axelar has started onboarding validators and wallet integrations. Other plans include the beta launch of Satellite, a dapp for transferring assets between a number of blockchains including Ethereum and Terra, and a software development kit (SDK) that lets developers build dapps on top of the Axelar network.
Axelar has existing integrations with Polygon, Polkadot, Cosmos and Pangolin Exchange that have already gone live.
"While Web 3 continues to grow, connecting users and providing frictionless experiences across multiple blockchains is critical. Axelar's interoperability stack is uniquely positioned to connect blockchains and decentralized applications in the ecosystem,” said Polychain Capital founder and CEO Olaf Carlson-Wee in a press release.
Last summer, Axelar raised $25 million in a Series A round led by Polychain Capital.
Read more: Crypto VC Firm Dragonfly Raising $500M for New Fund, Documents Show
CORRECTION (Feb. 15, 13:38 UTC): Corrected amount raised in headline and story to $35 million.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
知っておくべきこと:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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