Canary Capital Proposes ETF for Axelar (AXL) Cross-Chain Protocol
Canary Capital, a digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, is making headlines with its plan to launch an exchange-traded fund (ETF) tracking the price of Axelar (AXL). This move comes as Axelar, the native token of the Axelar Network—a cross-chain protocol facilitating decentralized cross-chain transactions—announced the appointment of former Acting Comptroller Brian Brooks to its newly formed Institutional Advisory Board on March 5, 2025, at 10:16 p.m. UTC.
The firm recently submitted an S-1 filing with the Securities and Exchange Commission (SEC), initiating the process to launch the ETF. This development marks a significant milestone for Axelar, which has gained recognition for its innovative approach to interoperability in the blockchain space. According to Steven McClurg, CEO of Canary Capital, Axelar boasts one of the best development teams in blockchain, making it a key player in ensuring seamless chain interoperability across various protocols.
Insights from Industry Leaders
McClurg expressed confidence in Axelar’s potential, stating, “There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk.” The protocol’s unique proof-of-stake consensus model sets it apart from other interoperability solutions, allowing for a more inclusive network where anyone can participate.
Sergey Gorbunov, co-founder of Axelar, highlighted the platform’s prominent integrations with leading players in the industry, such as J.P. Morgan’s Kinexys platform, Microsoft’s Azure marketplace, and popular DeFi platforms like Uniswap and MetaMask. Gorbunov emphasized the importance of decentralized interoperability in driving adoption among traditional financial institutions, a sentiment echoed by Brian Brooks, who brings a wealth of experience in navigating regulatory frameworks to Axelar’s Institutional Advisory Board.
Emerging Trends in Crypto
Gorbunov also shared insights into the evolving landscape of institutional crypto adoption, pointing to stablecoins and tokenization as key trends to watch. Regulatory developments, including an upcoming stablecoin bill, are expected to pave the way for greater integration of stablecoins by financial institutions like PayPal, BlackRock, and Robinhood. These developments align with the growing interest in leveraging blockchain technology for efficient settlement processes and cost reduction.
As of the latest data from CoinDesk, AXL is currently trading at $0.36 with a market cap of $340 million. While the token experienced an all-time high in March 2024 at $2.69, its current valuation reflects the dynamic nature of the crypto market. Investors and industry observers will be closely monitoring Axelar’s progress and the reception of Canary Capital’s proposed ETF as indicators of the protocol’s future growth trajectory.
In conclusion, the collaboration between Canary Capital and Axelar underscores the continued innovation and growth in the blockchain and cryptocurrency ecosystem. As industry leaders and regulators navigate the evolving landscape of digital assets, partnerships like these highlight the potential for blockchain technology to drive transformative change across sectors. Stay tuned for further developments in this exciting space.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Helene Braun is a seasoned news reporter at CoinDesk, based in New York. Covering a range of topics from Wall Street updates to the rise of spot bitcoin ETFs, Helene brings a fresh perspective to the world of cryptocurrency reporting. With a background in business and economic reporting from New York University, she has appeared on major news platforms like CBS News, YahooFinance, and Nasdaq TradeTalks. Helene is also the co-host of CoinDesk’s Markets Daily show on Spotify and YouTube. In her spare time, she enjoys exploring the vibrant streets of New York City and staying updated on the latest trends in the crypto space. Helene holds BTC and ETH in her portfolio, reflecting her commitment to the digital asset revolution.
