A group of blockchain investors is backing the program, including Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, and Dragonfly Capital.
blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors.
Dubbed Axelar Ecosystem Startup Funding Program, the initiative was designed to foster the development of Web3 applications addressing global issues that cannot be solved by the centralized internet. To qualify for funding, projects must also safeguard digital sovereignty, security and privacy, and work to onboard masses easily without unnecessary friction between specific blockchains or tokens, noted the company."2021-2022 saw an unprecedented influx of new developers into Web3.
The funding is linked to the Axelar Grant Program, which was launched in 2022 and provided grants to over 50 projects, approximately 33% of which were able to raise seed or pre-seed funding."Variables like market conditions may impact deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that rate of funding for projects in the Axelar ecosystem — whether they are in the Grant Program or not — in 2023," noted Gorbunov.
The program aims to establish a connection between investors and developers building interchain dApps. Development partners include Arbitrum, Circle, Osmosis and Polygon.
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