- Blockchain startup Axelar has achieved unicorn status after raising $35 million in a Series B round.
- The startup aims to build the foundations of Web3 by bringing different blockchain systems together.
- It is launching a service where users can transfer assets between different blockchain networks.
A blockchain startup that seeks to lay “the crucial foundations for Web3” has hit unicorn status after raising $35 million from investors, including a DoorDash executive.
Axelar, which has achieved a $1 billion valuation after its Series B round, is building a decentralized network that connects users and assets of different blockchains.
Its investment round included a number of venture capital firms, including Dragonfly Capital, Polychain Capital, North Island Ventures, Cygni Capital, and angel investors such as Waikit Lau and Gokul Rajaram, a DoorDash executive.
It comes as a report issued in January by KPMG found that investment in both crypto and blockchain hit more than $30 billion in 2021, up from $5.4 billion in 2020.
Sergey Gorbunov, CEO and cofounder of Axelar, said the blockchain industry’s “biggest obstacle to date” has been its “lack of scalable interoperability” that would allow different blockchains – decentralized ledgers maintained by several computers – to communicate.
Axelar’s network consists of a number of technical assets such as a suite of internet protocols and other tools, which the company says helps “break down the barriers to cross-chain communication.”
It is launching a Beta service – Satellite – to enable users to transfer assets between a number of blockchain networks including Ethereum, Terra, Avalanche, and Moonbeam.
This is the 16-slide deck Axelar used to raise the money.
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