Axelar Foundation Raises Over $30M in New Strategic Investments from Arrington Capital, Distributed Global, Electric Capital and Others

The total of investments exceeded $30M. A number of crypto investment funds participated, including Arrington Capital, Distributed Global, Electric Capital, Laser Digital

New York, New York -- Business Wire -- A portion of these investments involved purchases of unlocked AXL tokens from Axelar Foundation's ecosystem allocation. These tokens are subject to new lockups ranging from six to 12 months. The amount of tokens sold out of the ecosystem fund has not been disclosed.

After announcing a $250M Series C funding round last December, Axelar Foundation disclosed the AXL token investments from Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C^2 Ventures, Plassa Capital, and Wagmi Ventures, among others. The investments highlight the growing interest in interoperability solutions as the crypto industry matures.

"We've had the privilege of knowing the exceptional team behind Axelar for many years and have great admiration for their bold vision to become the 'internet of blockchains.' Their unique approach to building a truly decentralized and open-sourced connectivity layer addresses key challenges prevalent in existing connection architectures. We are excited to be part of their ecosystem as they bring to market critical infrastructure required for the future of Web3," said Michael Arrington of Arrington Capital.

As the demand for interop increases, the AXL token provides protocol-level utility that scales accordingly. New blockchain connections contribute AXL to reward pools, which incentivize Verifiers to maintain the security of interchain messages. Axelar Network itself is a blockchain, enabling the creation of rich, permissionless tooling for developers to effortlessly connect and tokenize across all blockchains using Axelar's Mobius Development Stack (MDS).

"We're entering an era where traditional assets like currencies, bonds, and equities will exist across multiple blockchains, unlike BTC, ETH, and crypto-native assets which originated on specific chains," said Curtis Spencer at Electric Capital.

"Axelar provides the essential technology that enables these chain agnostic assets to work together seamlessly, powering everything from DeFi to everyday financial transactions. We're thrilled to support their mission of building this interconnected future."

The new investors join an impressive list of Axelar backers, including Binance Ventures, Coinbase Ventures, Dragonfly Capital, Galaxy Ventures, and Polychain Capital.

Arrington Capital is a thesis-driven digital asset management firm focused on blockchain-based capital markets. Founded in 2017 by TechCrunch and CrunchBase founder Michael Arrington, the firm has invested in over 300 early-stage companies within the Web3 ecosystem. Arrington Capital is a seasoned, international team with deep venture capital legacy, trading experience, and crypto-native roots. Arrington Capital's first fund was Arrington XRP Capital, and it has expanded to multiple funds over time.

Electric Capital is an engineering-led global venture capital firm investing in early-stage crypto and frontier technology. Founded in 2018, Electric invests in companies and protocols across infrastructure, developer tooling, crypto-enabled fintech, decentralized finance, marketplaces, applications, and the intersection of crypto and AI.