New $60M web3 fund from Axelar offers close support from Circle, Polygon & exposure to top investors

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The inter­chain com­mu­ni­ca­tion pro­to­col, Axe­lar, has announced a $60M fund­ing pro­gram to dri­ve inno­va­tion for web3 star­tups build­ing dur­ing the bear market.

“The Axe­lar Ecosys­tem Start­up Fund­ing Pro­gram is designed to nur­ture a pipeline of devel­op­ers build­ing Web3 prod­ucts that rival any­thing on the cen­tral­ized web.”

Giv­en the cur­rent cryp­to land­scape, such funds are like­ly to become a life­line for new devel­op­ers look­ing to move into the space as well as ear­ly-stage star­tups in need of fund­ing to sur­vive the Cryp­to Winter.

startup fund axelar
Axe­lar Announcement

Axe­lar stat­ed that the fund is “geared for projects that are ready to raise insti­tu­tion­al cap­i­tal” while its Axe­lar Grant Pro­gram “sup­ports idea-stage projects.” Appli­ca­tions for the Ecosys­tem Fund­ing Pro­gram can be made through the Axe­lar fund­ing request form. Those in the “idea stage” can apply for an Axe­lar grant via the project’s web­site.

“The Ecosys­tem Fund­ing Pro­gram is investors in our ecosys­tem focus­ing on that flow of high-qual­i­ty inter­chain projects.”

The announce­ment revealed that the fund is backed by “cryp­to-native invest­ment firms” includ­ing Blockchange, Cho­rus One, Collab+Currency, Cyg­ni Cap­i­tal, dao5, DCVC, Diver­gence Ven­tures, Drag­on­fly Cap­i­tal, Lem­nis­cap, Morn­ingstar Ven­tures, Nima Cap­i­tal, Node Cap­i­tal, North Island Ven­tures, Rock­away Blockchain Fund, SCB 10X and others.

The new fund is aimed at projects look­ing to address the fol­low­ing issues:

  • Solve glob­al prob­lems that the cen­tral­ized inter­net can­not address.
  • Safe­guard dig­i­tal sov­er­eign­ty, secu­ri­ty and privacy.
  • Onboard mass­es eas­i­ly, with­out unnec­es­sary fric­tion between spe­cif­ic blockchains or tokens.

Accord­ing to peo­ple close to the mat­ter sup­port from Axe­lar and its part­ners has already made a dif­fer­ence to the ecosystem.

“A lot of the ser­vices come from Axe­lar and our ecosys­tem part­ners. Cir­cle, Poly­gon, for exam­ple: we work close­ly with them to sup­port new projects in their ecosys­tems. Build­ing inter­chain is new even for expe­ri­enced Web3 devs.

Prime Pro­to­col, a col­lab­o­ra­tor of Axelar’s, also com­ment­ed that

“Prime has been col­lab­o­rat­ing with Axe­lar for quite some time. We believe the future is mul­ti-chain, and #DeFi needs new finan­cial prim­i­tives to increase cap­i­tal efficiency.”

Cryp­toSlate spoke with Jason Ma dur­ing EthCC where he spoke about the vast oppor­tu­ni­ties for cross-chain assets such as NFTs through the Axe­lar net­work. Watch the full inter­view here.

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