Axelar (AXL)



Before trading any crypto asset, it is important to understand the risks. This overview summarizes certain risks associated with this asset. No securities regulatory authority has issued an opinion regarding this asset, including an opinion that it is not itself a security and/or derivative.

Investors in Canada are reminded that no securities regulatory authority or regulator in Canada has assessed or endorsed any Crypto Contract or Crypto Asset made available through the Uphold Platform.

Token Description & Project Background

Axelar is a cross-chain enabling PoS network.

It provides blockchain infrastructure for users to securely transfer their assets across multiple blockchains. Axelar functions as a connectivity layer dApps to be built upon and have functionality across several networks without excessive gas fees or requiring custom cross-chain infrastructure. Axelar claims to have been likened to the ‘Stripe for Web3’.

Axelar has positioned itself as a developer-friendly network: they boast a $60m developer grant pool for early and mid-stage projects choosing to build on their network. 

The Axelar network is made up of three components:

  1. A decentralized network
  2. Gateway smart contracts
  3. Developer tools

AXL is the network’s native token and is used as a medium of exchange, reward validators, governance and secures the PoS network. 

The AXL token launched 2022.

Axelar was founded by Sergey Gorbunov and Georgeios Vlachos, who were both part of the Algorand founding team.

Risks of AXL

Like an investment in other crypto assets, there are some general risks to investing in AXL. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in AXL is subject to the following specific risks:

  • Many projects offer similar interoperability solutions. Any potential success associated with AXL depends on Axelar’s rate of adoption.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with AXL . Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The AXL community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of AXL have no recourse to the AXL community, founding team, or Uphold if AXL declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing AXL on the Uphold Platform, Uphold performed due diligence on AXL and determined that AXL is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

  • The creation, governance, usage, and design of AXL, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
  • The supply, demand, maturity, utility, and liquidity of AXL.
  • Any marketing materials put forward by the AXL social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
  • Material technical risks associated with AXL, including any code defects, security breaches and other threats concerning AXL and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
  • Legal and regulatory risks associated with AXL, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of AXL. 


Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 19, 2023.

How to buy Axelar (AXL)

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