Share this article
Algorand-Linked Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate
Axelar is a decentralized protocol designed by the founding members of Algorand to make it easier for dapps to work across blockchains.
Updated Sep 14, 2021, 10:30 a.m. Published Nov 13, 2020, 9:53 a.m.
Axelar, a decentralized protocol designed by the founding members of the Algorand blockchain to allow cross-blockchain communication, has raised $3.75 million in seed funding.
STORY CONTINUES BELOW
Announced Thursday, the funding round included participation from investors including Binance X, the investment arm and accelerator of cryptocurrency exchange Binance, as well as San Francisco-based venture capital firm DCVC (Data Collective).
Other participants included crypto investment firm Lemniscap, crypto operator fund Divergence Ventures, serial entrepreneur Waikit Lau and AngelList founder Naval Ravikant.
"This [seed funding] will be crucial to help us accelerate our roadmap and to scale cross-chain communication," said Sergey Gorbunov, co-founder and CEO at Axelar. "Today, we are seeing more and more autonomous blockchain platforms emerge, with no unified approach for developers to communicate with the entire ecosystem."
See also: Algorand’s New Europe Accelerator to Boost Startups With Up to $500K in Funding
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Solana’s Drift Launches v3, With 10x Faster Trades
With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
What to know:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
Top Stories
