Axelar Foundation Completes a $30M Token Sale to Top-Tier Investors

The Axelar Foundation, a non-profit organization dedicated to supporting the development and adoption of the Axelar Network, has announced a strategic sale of AXL tokens valued at $30 million

The Axelar Foundation, a non-profit organization supporting the development and adoption of the Axelar Network, has announced the strategic sale of AXL tokens for a total value of $30 million, according to an announcement by Wu Blockchain on March 11.

This capital injection will be used to further the development of the Axelar Network, known for its groundbreaking interoperability solutions.

Major Investors Join Arrington Capital Among Key Backers

The stellar attendance list for this funding round includes renowned cryptocurrency investors. Arrington Capital, Distributed Global, and Electric Capital are among the prominent firms that participated in this critical stage of the Axelar Foundation's journey. A spokesperson for the foundation confirmed that these investments were made “in recent months.”

A portion of the investment involved the purchase of unlocked AXL tokens from the foundation’s community project quota. These tokens will now be subject to a new 6-12 month period of lock-up.

Unlocked AXL Tokens Subject to New 6-12 Month Period of Lock-Up

The statement from the Axelar Foundation noted that a portion of the investment involved the purchase of unlocked AXL tokens from the foundation’s community project quota. These tokens will now be subject to a new period of 6-12 month lock-up.

While the foundation was not the sole seller in this transaction, other sellers facilitated these purchases through over-the-counter (OTC) transactions. This allows investors to acquire already circulating AXL tokens.

Axelar AXL Token Faces Market Volatility Amid Strategic Developments

Currently AXL is changing hands at around $0.3652, seeing a decrease of 7.1% in the past 24 hours, according to data from CoinGecko. The token’s market cap is $339 million.

The spokesperson declined to comment on the token’s performance amidst these fluctuations. However, AXL has faced significant volatility in recent months. It previously reached a peak valuation of over $1 billion in 2022.

As Axelar continues to expand its interoperability protocol, this substantial funding is expected to enhance its capabilities and attract more institutional interest in blockchain technology.

The strategic sale showcases the foundation’s dedication to fostering growth within the cryptocurrency sector.