LayerZero Labs, the blockchain company behind the cross-chain interoperability and messaging protocol, LayerZero, has raised $120 million at a valuation of $3 billion. The valuation is three times as high as it was during the company’s prior financing round, which took place in March 2022.
The cryptocurrency division of the well-known investment company Andreessen Horowitz, the auction house Christie’s, Sequoia Capital, and Samsung Next were all participants in the most recent funding round. There were a total of 33 investors who participated in the round, some of which were BOND, Circle Ventures, and OpenSea Ventures.
LayerZero emerged from stealth with a $6 million financing round in September 2021. According to the firm, the protocol has since relayed over two million messages across more than 30 chains and secured over $7 billion in Total Value Locked. Interoperability and cross-chain messaging infrastructure are two features offered by LayerZero. These features make it possible for developers of decentralized applications to connect to multiple blockchains without the need for a third party to serve as a middleman and facilitate cross-chain interactions.
Several projects are currently building on top of the LayerZero protocol, which has garnered significant traction in the crypto community. A variety of on-chain applications, such as the decentralized marketplaces PancakeSwap, SushiSwap, TraderJoe, and Uniswap, use the protocol.
The financing will be put toward the continued development of the LayerZero protocol as well as the expansion of the team working on it, through expansion plans, such as hiring new employees and establishing a stronger foothold in the Asia-Pacific area. Additionally, the business intends to form partnerships with various other blockchain projects and work toward the integration of its protocol with a variety of decentralized applications (dApps).
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