Axelar Launches $60M Startup Ecosystem Program

The PoS blockchain Axelar launched a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges.

The program, which aims to establish a connection between investors and developers building interchain dApp, has received support from more than 15 investors including Dragonfly, Blockchange, Chorus One, and Collab+Currency. Development partners include Arbitrum, Circle, Osmosis and Polygon.

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 Axelar. 

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.