Quick take:
- Some of the investment came from unlocked AXL tokens from Axelar Foundation’s community programs allocation, a spokesperson told The Block.
- The sale occurred during the past six-12 months.
- The company plans to use the new investment to expand into RWA tokenisation for institutional adoption.
Axelar Foundation has disclosed a $30 million token sale backed by Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures.
A spokesperson told The Block that some of the investment came from unlocked AXL tokens from Axelar Foundation’s community programs allocation. The Foundation did not disclose the pricing of the tokens, with the sale occurring over the past six to twelve months.
According to the announcement, the organisation plans to use the fresh capital to expand its product offering, including expanding the U.S. dollar access via stablecoins and introducing real-world asset tokenisation to accelerate institutional adoption through Axelar Network.
Commenting on the token sale, Sergey Gorbunov, co-founder of Axelar and CEO of Interop Labs, the initial developer of Axelar said: “Axelar Network is on a path to delivering more unique cross-chain connections than any other interoperability protocol – including connecting institutional private blockchains, built for stablecoins and other asset tokenisation.”
According to Gorbunov, Axelar Network is “the only blockchain interoperability protocol that is fully permissionless, non-custodial and open-source – from end to end.”
The Interop Labs CEO believes that the open-style architecture is essential as financial institutions prepare to enter the space. “They need interoperability that doesn’t introduce custodial risks or vendor lock-in.”
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