The Axelar Foundation, a non-profit organization dedicated to supporting the development and adoption of the Axelar Network, has announced a strategic sale of AXL tokens valued at $30 million as per Wu Blockchain. This announcement was made today, March 11, 2025, and highlights the growing interest in the Axelar Network’s interoperability solutions.
Major Investors Join In
Key cryptocurrency investors participated in this token sale, including notable firms such as Arrington Capital, Distributed Global, and Electric Capital. A spokesperson for the Axelar Foundation indicated that these investments were made “in recent months,” reflecting a proactive approach to securing funding for future developments.
Unlocked Tokens Subject to New 6-12 Month Lock-Up Period
A portion of the investment involved the purchase of unlocked AXL tokens from the foundation’s community project quota. These tokens will now be subjected to a new lock-up period ranging from from six to twelve months, which adds a layer of security and stability for the investors.
OTC Transactions Involved in the Sale
Notably, the Axelar Foundation was not the sole seller in this transaction; other unidentified sellers may have facilitated these purchases through over-the-counter (OTC) transactions, allowing investors to acquire already circulating AXL tokens.
Axelar AXL Token Faces Market Volatility Amid Strategic Developments
Currently AXL is trading at approximately $0.3652, experiencing a decline of 7.1% in the past 24 hours as per CoinGecko. The token’s market cap stands at $339 million, down from its peak valuation exceeding $1 billion in 2022. The spokesperson refrained from commenting on the token’s performance amidst these fluctuations.
As Axelar continues to expand its interoperability protocol, this significant funding round is expected to increase its capabilities and attract further institutional interest in blockchain technology. The strategic sale indicates the foundation’s commitment to promote growth within the cryptocurrency ecosystem while navigating market challenges effectively.
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