quick take:

• The Axelar Ecosystem Startup Funding Program will support new developers building cross-chain dApps using Axelar as infrastructure.
• Investors participating in the program will engage with teams individually.
• The program intends to operate a series of hackathons, meetups, and grant programs.

Axelar, a company that provides secure cross-chain communication for Web3, is launching a $60 million Axelar ecosystem startup funding program to accelerate the development of decentralized applications and protocols that can replace centralized exchanges.

The company closed a $35 million Series B round in February at a $1 billion valuation. Previously, it also raised capital from top-tier investors including Binance, Coinbase, Dragonfly Capital, and Polychain Capital.

Axelar’s team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni. The co-founders, Sergey Gorbunov and Georgios Vlachos, were members of Algorand’s founding team. The company’s partners include major proof-of-stake blockchains such as Avalanche, Cosmos, Ethereum, Polkadot, and others.

Several top-tier blockchain investors are committing capital to support the program, including Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund, SCB 10X, and others.

The Axelar Ecosystem Startup Funding Program is targeted at projects ready to raise institutional capital and aims to connect investors and new developers building cross-chain dApps using Axelar as infrastructure.

Axelar said that Web3 products should solve global problems that the centralized Internet cannot address, safeguard digital sovereignty, security and privacy, and easily incorporate the masses. The products should also be able to achieve mass adoption without requiring users to switch between blockchains.

“The next wave of cryptocurrency adoption will not come by itself. We are actively looking to invest in teams that create applications and use cases that build that momentum,” said Dragonfly Capital Managing Partner Haseeb Qureshi. “These teams have a clear vision and look for an infrastructure like Axelar to make their vision possible. This is the nexus through which the next wave of crypto emerges.”

Investors participating in the program will engage with the teams on an individual basis and make independent investment decisions on the Axelar Ecosystem Startup Funding Program offerings.

The program also intends to operate a series of hackathons, meetups, and grant programs for idea-stage projects.

Information on all financing programs is available on the Axelar website and interested developers can now apply.

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