Cross-chain protocol Axelar recently announced an enterprise partnership with tech giant Microsoft. The purpose of the partnership revolved around exploring the use cases of blockchain for artificial intelligence and the interaction of web3 with traditional internet systems.
The crypto data platform, CoinGecko, recently took to Twitter to highlight the bullish impact that Axelar’s latest partnership had on its native token AXL:
According to a press release from Axelar, one of the objectives of Axelar’s partnership with Microsoft was to increase the adoption of blockchain technologies by developing a data integration and interoperability layer that would enable easier blockchain onramps for enterprises and web3 startups.
A blog post from Axelar stated that the protocol’s blockchain solutions would be available for Microsoft’s clients through Azure Marketplace. The companies also agreed to explore connecting public and private blockchains and leveraging Azure OpenAI services to render new experiences in the web3 space.
The partnership would allow Microsoft Azure Marketplace users to access an end-to-end blockchain interoperability solution that would be programmable and secure. The users would also have access to full stack interoperability as well as the Axelar General Message Passing (GMP) which would enable developers to integrate functionality seamlessly across multiple environments.
Speaking on the latest partnership, Microsoft’s Director of Business Development Daniel An stated:
We are excited to collaborate with Axelar to accelerate blockchain integration and deliver valuable solutions to our customers. By leveraging our strengths and expertise, we can empower organizations to embrace blockchain technology and transform their operations.
News of Axelar’s partnership with Microsoft led to a 15% hike in the price of its native token AXL. However, the rally was short-lived, and the token soon returned to its pre-partnership trading price. At the time of writing, the token was trading at $0.36, with a market capitalization of $118.5 million.
