Circle, the company behind the world’s second-largest stablecoin USDC, has announced an acquisition that is raising eyebrows within the cryptocurrency sector. They have acquired the team and proprietary intellectual properties of Axelar Network, marking a significant maneuver not often seen in this volatile space.
What Does This Mean for AXS Coin?
In the wake of this news, AXS Coin observed a 9% boost. Nonetheless, the operations of Axelar Network, its Foundation, and the AXL token will continue under community management. This transition sees the exit of Interop Labs, the original brain behind the initiative.
Who Steps in Next for Axelar?
Taking over the reins is Common Prefix, an entity with a rich history of contributing to major cryptocurrencies, like Bitcoin and XRP Ledger. Their stepping in is expected to provide a seamless transition with enriched expertise.
Nikolaos Kamarinakis, CTO of Common Prefix, provided insights on the development.
“This marks the beginning of a new development phase for the Axelar project, with which we have worked closely for a long time. Interoperability is a critical component of onchain finance and must, therefore, be supported by open-source developer communities like Axelar.”
Georgios Vlachos, co-founder of Axelar, shared a positive outlook regarding the acquisition. Reflecting on the efforts of Interop Labs, Vlachos praised Circle for acknowledging Axelar’s role in advancing interoperability technology.
The agreement crystallizes Axelar’s status as a critical non-custodial open-source infrastructure in various onchain financial sectors. This foundational approach cements its importance from DeFi arenas to broader institutional use cases.
- This acquisition underlines Circle’s commitment to fostering stronger blockchain infrastructure.
- The switch to Common Prefix aims to fortify Axelar’s technological development.
- Axelar’s role as a cornerstone in interoperability tech is underscored by this deal.
Looking forward, the collaboration between Circle, Common Prefix, and the Axelar community is poised to achieve breakthroughs in blockchain interoperability, venturing into new terrains of innovation and development.
