Already well funded, the blockchain interoperability protocol LayerZero has just completed a new round of financing from 120 million dollars.
LayerZero Labsthe startup behind the protocol of the same name, announced this Tuesday that it has collected 120 million dollars as part of a financing round of series B which propels its valuation to 3 billion dollars.
– LayerZero Labs (@LayerZero_Labs) April 4, 2023
Investors include traditional firms with a16z, Maple, SequoiaSamsung Next, Christie’s or Franklin Templeton but also players in the crypto sector including Circle Ventures and OpenSea.
Some investors had already participated in the startup’s previous round of financing last year, which valued it at $1 billion.
Launching in 2022, LayerZero is an inter-chain communication protocol for sending messages without intermediaries across applications hosted on different blockchains.
The solution is currently compatible with about thirty networks and operated by DeFi platforms like the Uniswap DEX.
This is pure arbitrary data; it’s like Internet messaging between computers, not like instant messaging,” CEO and co-founder Bryan Pellegrino explained on TechCrunch.
LayerZero Labs will leverage its new capital to strengthen its presence in the Asia-Pacific region.
While the blockchain infrastructures seem to be weathering the crypto winter better, LayerZero’s Series B amount and high valuation contrast with other funding rounds for startups in this industry in recent months.
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