Axelar Network has announced the completion of a $35 million Series B financing round, raising its market value above $1 billion. Round participants include Dragonfly Capital, Polychain Capital, and North Island Ventures, among others.

The raise follows a previously undisclosed round led by Capital boss Bobby Bao in late November 2021, a $25 million Series A raise from nine investors led by Polychain Capital, and owned by Galaxy Digital. by Mike Novogratz in mid-July. 2021, plus two seed rounds during 2020.

Founded in early 2020 by members of the inaugural Algorand team and esteemed MIT graduates, Axelar is an infrastructure protocol that fosters interoperable connectivity between blockchain platforms, decentralized applications (DApps), and associated functionality.

After securing mainnet integrations with a number of leading blockchain platforms and validators such as Ethereum, Avalanche, Polygon, and Polkadot, in addition to the upcoming release of the Axelar SDK, developers will have the ability to build applications that are accessible on all networks within the network. axillary system.

In principle, this cross-chain technology would provide vast possibilities for both developers and users by increasing access to liquidity and user base while allowing a smooth transition between networks.

Cointelegraph reached out to Sergey Gorbunov, CEO and co-founder of Axelar, for exclusive insight into specific strategies for deploying capital across the company in preparation for its upcoming mainnet launch.

It noted that the “primary focus is to provide universal interoperability with minimal risk” and that “funds will be used to continue building core network functionalities and scaling integrations with more blockchains and applications.”

“Axelar developers are also working to make the network user-friendly so developers on any blockchain can reach the deepest liquidity and widest user base. With this in mind, we are devoting resources to improving our APIs, SDKs, and associated documentation.”

In December 2021, Gorbunov contributed to a Cointelegraph expert opinion piece and spoke fluently about concerns that the DeFi industry is becoming too reliant on centralized interoperability bridges, a culturally relevant topic that raises justified questions about the decentralization in good faith in space.

Later in our conversation, Gorbunov shared his perspective on the potential of a cross-chain and/or multi-chain ecosystem model, and how its large-scale implementations could benefit users and developers alike.

“Multichain is not the future, it’s here: Witness the growth of multiple Layer 1 blockchains. The demand for cross-chain services is also evident, in the proliferation of peer-to-peer solutions and the increasing value committed to those solutions.” .

He went on to state: “It is clear that developers want the ability to build on the chain that best suits their needs, without siled liquidity. Users want the same. At Axelar, our goal is to minimize the risks involved in cross-chain activity and maximize the potential benefits for developers and users.”

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