Axelar

Based in Canada, Axelar provides a secure cross-chain communication platform for developers to build and deploy dApps across multiple blockchains. The company was formed by the creators of the Algorand blockchain. Axelar consists of 1) a network layer that is an open overlay network that offers Turing-complete cross-chain communication, which is monitored by delegated validators through a proof-of-stake consensus mechanism and 2) an API layer, which is the application development layer that sits on top of the network layer. Developers use APIs and SDKs to build and deploy dApps across multiple interoperable blockchains, without the need to roll out or manage the blockchain infrastructure. As of August 2022, Axelar supported interoperability between 17 different blockchains including Ethereum, Avalanche, and Polygon.

Key customers and partnerships

In July 2023, the company partnered with Microsoft to improve Web3 adoption by constructing a data integration and interoperability layer that connects isolated blockchain networks. The collaboration seeked to utilize Axelar's secure cross-chain communication network with Microsoft Azure, allowing customers of the latter to construct new Web3 apps. In addition, it partnered with Immutable (in January 2024) to enable the latter to onboard players across 50+ blockchains and increase liquidity through new user funding channels, by integrating games built on Immutable's zkEVM into the Axelar network.

Funding and financials

Axelar raised USD 35 million in Series B funding in February 2022 at a valuation of USD 1 billion, with participation from investors such as Polychain Capital and Dragonfly Capital. The fresh funds were aimed at launching the company’s mainnet during the same month.

In December 2022, it raised a further USD 60 million from more than 15 blockchain investors including Dragonfly Capital, DCVC, Blockchange, and Morningstar Ventures to launch the Axelar Ecosystem Startup Funding Program . Through this, Axelar intended to fund Web3 startups and accelerate the development of dApps and protocols on all blockchains.