Axelar (AXL), known for its cryptocurrency bridge technology, has entered into a partnership with Microsoft on the theme of Web3 and AI. What will this collaboration involve?
Axelar enters into partnership with Microsoft
Axelar (AXL), best known for its bridge that connects blockchains in the Cosmos ecosystem (ATOM) to other networks such as Ethereum (ETH) and Polygon (MATIC), has signed a partnership agreement with Microsoft.
Axelar and Microsoft are pleased to announce a partnership for better integration of Web3 and traditional internet systems. The partnership will explore ways public blockchains can help secure trust and speed integration of artificial intelligence (AI) in mainstream use cases. pic.twitter.com/XfKat1PIT0
– Axelar Network (@axelarcore) July 11, 2023
In practical terms, this means that solutions powered by Axelar will be made available on the Azure Marketplace. This Microsoft-developed platform showcases a wide range of software in sectors such as artificial intelligence (AI), databases, blockchain and development.
Daniel An, Director of Business Development at Microsoft Web3 & AI, commented on the collaboration:
“We are delighted to be working with Microsoft Web3 & AI.
We are excited to collaborate with Axelar to accelerate the integration of blockchain and deliver valuable solutions to our customers. By leveraging our strengths and expertise, we can empower organisations to adopt blockchain technology and transform their operations. “
A collaboration focused on Web3 and AI
In addition to the arrival of Axelar’s services on Azure Marketplace, one of the areas of exploration in this partnership will be to work on how to make public blockchains communicate with private blockchains.
In addition, work will be carried out on integrating AI tools such as OpenAI’s technologies with Web3 services, as Sergey Gorbunov, Axelar’s co-founder, explains:
“The mission of OpenAI is to enable the integration of AI tools with Web3 services.
Axelar’s mission is to make innovation on the main blockchains accessible and easy to deploy for a new generation of cross-chain native Web3 applications. […] Together with Microsoft, we are now also in a position to explore the possibility of other new Web3 frontiers, such as Open AI services powered by blockchain and the integration of AI into future Web3 applications. “
Thus, Axelar continues its development after also joining Mastercard’s Start Path accelerator programme at the end of April this year.
Following the announcement with Microsoft, the AXL token briefly rose 18% over a few hours, almost touching $0.42, but has since erased much of that performance, returning to a price of just over $0.36.
