Blockchain Protocol Axelar Announces $60M Web3 Fund

Axelar, an interchain communication protocol, announced a $60 million funding campaign to support web3 startups that are developing innovative new technologies amid this persisting bear market.

The post reads: 

“As the most permissionless and far-reaching infra in the interchain, Axelar attracts an advanced community of Web3 devs, building for mass adoption. With secure interchain communication, they’ll rival anything on the centralized web.”

The fund is backed by “crypto-native investment firms” including Blockchange, Chorus One, Collab+Currency, Cygni Capital, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund, SCB 10X, as stated in the post.

The new fund will be used for initiatives such as finding the way to solve global difficulties that the centralised internet cannot handle. 

Protecting digital sovereignty, security, and privacy, and making it easy for a lot of people to join with smooth processing between specific blockchains or tokens. 

The platform states that “the Ecosystem Funding Program is investors in our ecosystem focusing on that flow of high-quality interchain projects.”

Axelar focuses on Crypto Investment

According to Axelar, their ‘Axelar Grant Program’ supports “idea-stage projects,” while their fund is “geared for projects that are ready to raise institutional capital.”  

Axelar’s funding request form can be used to apply for Ecosystem Funding. On the project’s website, people in the “idea stage” can apply for an Axelar grant. 

One of Axelar’s partners, Prime Protocol, added: 

“Prime has been collaborating with Axelar for quite some time. We believe the future is multi-chain, and DeFi needs new financial primitives to increase capital efficiency.”

The announcement by Axelar is meant to encourage web3 development and strong collaborations with partners like Circle and Polygon even as the market drops. 

Regarding these two platforms, Polygon USDC, a bridging version of the USDC housed on Ethereum, became available on Circle platforms for deposits and withdrawals.