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Circle Acquihires Axelar's Labs Team & IP
Axelar's AXL is down nearly 25% off today's high as token-holders were left cold.
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Stablecoin issuer Circle has entered into an agreement with Interop Labs to acquire the Axelar core developer's "key talent and technology."
What's the Scoop?
- Arc Integration: In a press release about the agreement, Circle indicated that its latest acquisition will strengthen the company's crosschain infrastructure strategy, helping enhance interoperability on Circle's upcoming Arc blockchain and strengthen its existing CCTP transfer protocol.
- Community Disdain: Many Axelar community members are understandably upset by the news, viewing it as further evidence of misaligned incentives between crypto project token and equity holders. The AXL token, which more than doubled in price last Tuesday for no apparent reason, lost nearly one-quarter of its value today since peaking on the announcement.
- Suspended Service: Amid today's relentless AXL selling, crypto exchange Coinbase reported that users are experience delayed transactions on the Axelar Network.
Circle Signs Agreement to Acquire Interop Labs Team & Intellectual Property
Circle has signed an agreement to acquire key talent and technology from Interop Labs, core contributors to the Axelar Network. This move strengthens Circle’s crosschain infrastructure strategy and accelerates our vision for seamless, scalable interoperability at the core of Arc and CCTP.
Team Circle