The blockchain with PoS (proof-of-stake) protocol Axelar launched a $60 million startup funding program on Dec. 19 dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is supported by more than 15 blockchain investors.
The initiative, called the Axelar Ecosystem Startup Funding Program, is designed to encourage the development of Web3 applications that address global problems that cannot be solved by the centralized Internet. To be eligible for funding, projects must also safeguard digital sovereignty, security, and privacy, and work to easily onboard masses without unnecessary friction between specific blockchains or tokens.the company noted.
Sergey Gorbunov, co-founder and CEO of Axelar, spoke to Cointelegraph about this development:
“2021-2022 saw an unprecedented influx of new developers to Web3. In 2023, we expect to see less quantity, but more quality. For those with the conviction and ability to build truly permissionless systems, the collapse of FTX will only fuels their resolve.The best Web3 developers are no longer content to hand over on-ramps to entities that operate “blockchain” services run on a database.They are more committed than ever to solving digital sovereignty, privacy, and access issues. that the centralized web cannot solve, and with the delivery of those solutions in an infrastructure that can ship to masses, without cracks”.
The funding is linked to the Axelar Grants Program, which went live in 2022 and provided grants to more than 50 projects, of which approximately 33% were able to raise seed or pre-seed funding. “Variables like market conditions can affect deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that funding rate for projects in the Axelar ecosystem—whether they’re in the Grant Program or not—in 2023”Gorbunov noted.
The program is supported by a group of blockchain investors including Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund and SCB 10X.
The program aims to establish a connection between investors and developers building cross-chain dApps. Developer partners include Arbitrum, Circle, Osmosis, and Polygon.
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