Axelar Foundation has disclosed a $30 million token sale

Axelar Foundation has disclosed a $30 million token sale backed by Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures.

Axelar Foundation, the organisation behind Axelar Network, has announced a $30 million token sale to several marquee institutions.

The investors in the token sale include Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures. A spokesperson for Axelar confirmed the investments and said that some of the investment came from unlocked AXL tokens from Axelar Foundation’s community programs allocation. The Foundation did not disclose the pricing of the tokens, with the sale occurring over the past six to twelve months.

The organisation plans to use the fresh capital to expand its product offering, including expanding U.S. dollar access via stablecoins and introducing real-world asset tokenisation to accelerate institutional adoption through Axelar Network.

“Axelar Network is on a path to delivering more unique cross-chain connections than any other interoperability protocol – including connecting institutional private blockchains, built for stablecoins and other asset tokenisation,” said Sergey Gorbunov, co-founder of Axelar and CEO of Interop Labs, the initial developer of Axelar.

According to Gorbunov, Axelar Network is “the only blockchain interoperability protocol that is fully permissionless, non-custodial and open-source – from end to end.”

He added that the open-style architecture is essential as financial institutions prepare to enter the space. “They need interoperability that doesn’t introduce custodial risks or vendor lock-in.”