You need to understand that AxCrypt in particular and encryption in general is not about authentication. Therefore, two-factor authentication does not make sense.
Encryption is about having a secret, or not having a secret, making decryption possible. There’s no authentication involved. There’s no software checking your credentials and then giving, or not giving, access to your data. That’s authentication. That’s not what AxCrypt does.
The data is encrypted. Either you possess the secret, and the decryption works – or you don’t and the decryption won’t work.
Sure, we can split the secret (the key) into parts, and store them on tokens etc – but it’s not two factor authentication, because we’re not authenticating. We’re encrypting and decrypting.
Do read the blog posts referred to as well for more detail.