Axelar Foundation Completes $30 Million AXL Token Funding to Expand Cross-Chain Interoperability Development

BlockBeats News, March 11th, according to The Block, the Axelar Foundation has announced a $30 million strategic AXL token sale. The foundation stated on Tuesday that several cryptocurrency investors participated in the token sale, including Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital, and Wagmi Ventures. However, the foundation declined to disclose the sale price or valuation of the AXL token. The Axelar Foundation plans to expand the use of the US dollar through stablecoins and support the institutional tokenization of real-world assets (RWA) through its interoperability protocol.

A spokesperson for the foundation stated that these investments took place "over the past few months." "Some of the investments involved the purchase of unlocked AXL tokens from the Axelar Foundation's community project quota, which will be subject to a new round of lockups ranging from six to twelve months," the spokesperson said. This means that the Axelar Foundation is not the only seller in this transaction. The spokesperson declined to reveal the identity of other sellers. Other sellers may have facilitated the transaction through over-the-counter (OTC) trades, where investors acquire AXL tokens already in circulation.

According to the foundation spokesperson, the $30 million latest investment announced by the Axelar Foundation, combined with the $100 million raised through multiple rounds of funding and a previous public token sale, further increases its total investment.