The cross-chain communication protocol, Axelar, has Announced a $60 million funding program to drive innovation for building web3 startups during the bear market.

“The Axelar Ecosystem Startup Funding Program is designed to nurture a pipeline of developers building Web3 products that rival anything on the centralized web.”

Given the current crypto landscape, such funds are likely to become a lifeline for new developers looking to enter the space, as well as early-stage startups that need funds to survive Crypto Winter.

Axelar stated that the fund is “oriented towards projects that are ready to raise institutional capital,” while its Axelar Grant Program “supports projects in the idea stage.” Applications for the Ecosystem Financing Program can be made through the Axelar financing application form. Those who are in the “idea stage” can apply for an Axelar grant through the project website.

“The Ecosystem Financing Program are investors in our ecosystem that focus on that flow of projects between high-quality chains.”

The announcement revealed that the fund is backed by “crypto-native investment firms” including Blockchange, Chorus One, Collab+Currency, Cygni Capital, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund, SCB 10X, and others.

The new fund is aimed at projects that seek to address the following issues:

• Solve global problems that the centralized internet can’t address.
• Safeguard digital sovereignty, security and privacy.
• Add masses easily, without unnecessary friction between specific blockchains or tokens.

According to people close to the matter, the support of Axelar and his partners has already made a difference in the ecosystem.

“Many of the services come from Axelar and our ecosystem partners. Circle, Polygon, for example: we work closely with them to support new projects in their ecosystems. Interchaining is new even to experienced Web3 developers.

Prime Protocol, Axelar’s partner, also commented that

“Prime has been collaborating with Axelar for quite some time. We believe the future is multi-chain, and #DeFi needs new financial primitives to increase capital efficiency.”

CryptoSlate spoke with Jason Ma during EthCC where he discussed the great opportunities for cross-chain assets such as NFTs through the Axelar network. watch the full interview here.