Axelar Foundation Secures $30 Million in AXL Token Sales with Arrington Capital, Distributed Global, and Electric Capital Participation

The Axelar Foundation has announced the completion of $30 million in AXL token sales aimed at enhancing its interoperability protocol. Several investors participated in these sales, including notable venture capital firms such as Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital, and Wagmi Ventures.

Some of the AXL tokens sold were sourced from the foundation’s community programs allocation and will be subject to lockup periods ranging from six to twelve months. Additionally, there are indications that the broader market is experiencing activity related to over-the-counter (OTC) derivatives, where major holders are employing strategies to hedge their positions in the cryptocurrency market, similar to practices seen in traditional finance.

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