LayerZero Secures $135M Funding From A16z, FTX, Sequoia Capital
LayerZero, has announced raising $135 million at a $1 billion valuation. The funds will be used to advance further the development of cross-chain decentralized applications.
According to the press release, the Series A extension round of the Canada-based firm was co-led by Sequoia Capital, FTX Ventures, and Andreessen Horowitz. Other participants included Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, among others.
With the latest round of capital infusion, LayerZero has reached unicorn status.
Following the development, Bryan Pellegrino, CEO and co-founder, LayerZero Labs, commented,
“This round is a massive step forward for LayerZero Labs and the unfolding interoperability landscape. We’ve brought some of the best and most well-respected entities in the world together to accomplish the same goal: create the generic messaging layer that underpins all interoperability between blockchains.”
The protocol, which currently operates in beta version, aims to address shortcomings related to interoperability and seeks to unite applications such as gaming, NFT marketplaces, media apps across disparate blockchains.
In the press release, CTO Ryan Zarick explained that LayerZero “unlocks a future of blockchains without borders” that enables users to communicate with omnichain decentralized applications that exist on different blockchains.
A week after the beta launch, LayerZero rolled out a cross-chain protocol – Stargate – earlier this month and announced onboarding Maki, the co-founder of SushiSwap, to lead business development.
The main objective of the Stargate protocol is to facilitate funds transfer between multiple blockchains and compete with existing multichain bridge projects such as Synapse, Connext, etc.
Currently, LayerZero supports seven networks, including Ethereum, Avalanche, and Fantom. It plans to extend to Solana and Terra in the coming weeks.
About LayerZero
LayerZero is an omnichain interoperability protocol that allows dApps to build across multiple blockchains in a trustless, efficient manner. LayerZero connects dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dapps into omnichain-applications using a single, simple interface.
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