Axelar Foundation discloses $30 million in sales of AXL tokens to expand interoperability protocols

PANews March 11th news, according to The Block, the Axelar Foundation has announced a strategic AXL token sale worth $30 million. The foundation said on Tuesday that several cryptocurrency investors were involved 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 USD usage with stablecoins and support institutional tokenization of real-world assets (RWA) through its interoperability protocol.

A spokesman for the foundation said the investments were conducted “in recent months.” “Some of the investments involve buying ununlocked AXL tokens from the Axelar Foundation’s community project quota, which will be subject to a new round of lock-up periods ranging from six to twelve months.” This means that the Axelar Foundation is not the only seller in the transaction. The spokesperson declined to disclose the identities of other sellers. Other sellers may facilitate transactions through over-the-counter (OTC) transactions, where investors acquire AXL tokens that are already in circulation.

According to a foundation spokesperson, the Axelar Foundation's latest investment of $30 million this time, coupled with the $100 million raised through multiple rounds of financing and a public token sale, further increasing its total investment.