Algorand-Backed Axelar Raises $3.75M in Seed Funding to Help Blockchains Communicate
www.coindesk.com
Axelar, a decentralized protocol designed by the founding members of Algorand to allow cross-blockchain communication, has raised $3.75 million in seed funding. “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.
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.
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