TL;DR
- Axelar Foundation has conducted a strategic sale of AXL tokens worth $30 million, with the participation of Arrington Capital and Electric Capital.
- Part of the acquired tokens come from community programs. Some of them will have lock-up periods ranging from six to twelve months.
- With the funds raised, Axelar plans to expand its interoperability protocol and deepen its involvement in the tokenization of real-world assets (RWAs) and institutional private blockchain connectivity.
Axelar Foundation has announced a strategic sale of AXL tokens worth $30 million. Investors such as Arrington Capital, Distributed Global, Electric Capital, and others participated in the transaction.
Although the foundation has not revealed the exact price or valuation of the sale. It has been reported that part of the acquired tokens come from Axelar Foundation’s community programs. Meaning some of these tokens will be subject to new lock-up periods ranging from six to twelve months.
The Axelar Network protocol focuses on providing interoperability between different blockchain ecosystems, enabling seamless communication between them. This approach is crucial for financial institutions looking to avoid risks associated with asset custody and reliance on specific providers.
Axelar Will Continue Enhancing the Competitiveness of Its Platform
In its efforts to expand its influence, Axelar plans to deepen its presence in the tokenization of real-world assets (RWAs) and improve connectivity between institutional private blockchains. This plan includes supporting the issuance of stablecoins and other projects related to asset tokenization.
The value of the AXL token is currently $0.35, with a 14% drop in the last 24 hours, reducing its market capitalization to $325 million, down from over $1 billion in 2022. The foundation has not issued any comments on the token’s performance in the market. The token sale appears to be focused on funding the protocol’s expansion plans.
With this $30 million sale, Axelar Foundation has raised a total of $130 million to date, considering previous investment rounds and a public token sale. The new funds will allow the foundation to continue developing and expanding its platform, which competes with other interoperability protocols such as Wormhole, LayerZero, and Hyperlane, but with a fully open and non-custodial model
