Finoa brings Axelar custody and staking to institutional investors
We are proud to announce that we will be offering institutional custody and staking for AXL, the native token of the Axelar blockchain. As part of the integration, Finoa will be providing the Axelar Foundation with secure custody support for a share of their token treasury.
Axelar is a blockchain that connects blockchains, powering universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols.
The integration of Axelar into the Finoa platform gives institutional investors the opportunity to stake and secure the Axelar network. Finoa’s in-custody staking and regulated, enterprise-grade infrastructure will allow investors who believe in a cross-chain future to stake safely to support secure cross-chain communication and earn rewards on their Axelar tokens.
"Axelar is the first Cosmos-based project we've integrated and we’re excited to support the Axelar network, ecosystem, and foundation as a trusted custodial partner. With this collaboration, Finoa and Axelar will work together towards a shared aspiration to deliver Web3 interoperability, " said Henrik Gebbing, Co-CEO and Co-founder of Finoa.
What’s next for Axelar?
Since completing the latest funding round, Axelar has expanded to integrate nearly 20 blockchains and has announced partnerships with some of the largest decentralized exchanges in the Avalanche, Cosmos, and Near Protocol ecosystems. The mainnet rollout of Axelar began in February 2022 and is currently on track for a release of the Axelar token (AXL) in September 2022.
"Because Axelar is a blockchain that connects blockchains, network validators play an extremely important role in security and the growth of the network," said Axelar co-founder Sergey Gorbunov. "With a dynamic validator set, anyone can provide security to the Axelar network. The support of top-tier validators and custodians like Finoa is a signal of the strength, security, and promise that the Axelar network holds."
The Axelar token ($AXL) is central to network operations, enabling governance over proposals and supporting network security through staking. Through the integration of $AXL into its platform, Finoa is opening up opportunities for institutional engagement with the Axelar ecosystem. The Finoa platform’s high-stakes reliability, as well as its vetted security features, enable institutional investors to effectively manage their crypto portfolios while staying compliant with regulatory requirements.
Axelar delivers secure cross-chain communication, enabling dApp users to interact with any asset or application, on any chain, with one click. In a nutshell, Axelar is for Web3 what Stripe is for mobile and internet applications. 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 co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
Finoa provides institutional access to the ever-growing crypto-asset ecosystem, with industry-leading asset coverage and day-one support for emerging blockchain protocols and in-demand projects. Founded in 2018 by Christopher May and Henrik Gebbing, the company offers institutional investors a full range of financial services including custody and staking. Finoa’s intuitive platform enables users to securely store and manage their assets regardless of their level of familiarity with crypto. As a regulated custodian, the company serves high-profile clients from around the world, including renowned venture capital firms, crypto hedge funds, corporates, and high-net-worth individuals.