Anchorage Digital Announces Custody for Axelar’s AXL Token

Anchorage Digital is pleased to announce the expansion of their institutional crypto custody platform to include AXL, the digital token that will “play a central role on the Axelar blockchain, which is expected to be live at the end of September 2022.”

Axelar is a blockchain “delivering secure cross-chain communication that enables dApp users to interact with any asset or application, on any chain, with one click.”

Diogo Mónica, Co-Founder and President, Anchorage Digital, said:

“At Anchorage, we’re seeing a growing demand among our institutional clients to expand their crypto portfolios, and they demand early access to new protocols. Axelar is a unique blockchain, and we’re proud to now support that uniquity on the Anchorage platform — and even more proud to have been prepared to do so from day one.”

The AXL token is used “to provide decentralized security via proof-of-stake in blockchain-to-blockchain communication.”

As a blockchain itself, Axelar network can “execute on-chain logic to provide more seamless interoperability for users.” After its latest (Series B) funding round, the network “reached a valuation of $1 billion.”

Sergey Gorbunov, Co-Founder and CEO, Axelar, remarked:

“We knew that for a crypto custodian to get on board with AXL before the token has been publicly launched, it would need to have thorough knowledge of security engineering–so we naturally turned to Anchorage Digital, who we knew would be up for the challenge. Security is the core of the Axelar network, so we couldn’t be happier having a trusted, security-minded partner like Anchorage offer AXL to its institutional clients–especially from the token’s public launch.”

As noted in the update, Axelar delivers secure cross-chain communication for Web3.

Their infrastructure “enables dApp users to interact with any asset or application, on any chain, with one click.” Axelar is “a blockchain that connects blockchains, enabling universal Web3 interoperability.” The network is “secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols.”

Axelar has “raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance.”

Partners include major proof-of-stake blockchains, “such as Avalanche, Cosmos, Ethereum, Polkadot and others.” Axelar’s team “includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.”

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