Axelar Introduces $60 Million Startup Funding Program

A $60 million startup investment program has been established by the proof-of-stake (PoS) blockchain Axelar to hasten the creation of decentralized applications and protocols that potentially take the place of centralized exchanges.

More than 15 investors have backed the program, which intends to connect financiers and the creators of interchain dApps. These investors include Dragonfly, Blockchange, Chorus One, and Collab+Currency. Partners in development include Polygon, Circle, Osmosis, and Arbitrum.

The Axelar Ecosystem Startup Funding Program will provide a link between the flow of new developers creating interchain dApps that use the netwwork as infrastructure and investors who share this goal. Investors have early access to projects, and for developers, the program offers a chance to meet with Web3 investors who are active and share their objectives.

Sergey Gorbunov, co-founder of Axelar, said:

“Recent innovations on the decentralized Web, from digital art to novel market infrastructure, have inspired speculative fervor, but centralized services have been the beneficiaries – with disastrous results. With the Axelar Ecosystem Startup Funding Program, Axelar and its investment partners will back a new generation of Web3 startups that are poised to change that flow.”

Projects must also protect digital sovereignty, security, and privacy, as well as endeavor to onboard masses without needless friction between particular blockchains or tokens.

The funding comes from the Axelar Grant Program, which began in 2022 and gave grants to over 50 projects, 33% of which were successful in raising seed or pre-seed funding.

Secure interchain communication is provided by Axelar. Users of dApps can now interact with any asset or application running on any chain with a single click. It can be compared to Stripe for Web3. A permissionless network that uses proof-of-stake consensus to route messages and maintain network security is used by developers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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