LayerZero Labs raises $135M in a funding round led by Sequoia Capital, FTX Ventures, a16z
The onmichain decentralized applications protocol developer to hold multiple blockchains, LayerZero Labs, has announced that it has raised $135 million in a Series A+ investment round.
LayerZero reaches a $1 billion valuation
The $135 million funding, which aims to accelerate the development of its namesake protocol, has helped LayerZero reach a valuation of $1 billion.Major venture groups and investors such as Sequoia Capital, FTX Ventures, and Andreessen Horowitz co-led the funding round which saw notable participation from PayPal Ventures, Coinbase Ventures, Uniswap Labs, Tiger Global, among others.
The primary goal of the new funding is to unite applications such as gaming, NFTs, media apps, marketplaces, for making them operable across multi-chain realms.
Talking about the concurrent goals of companies, CEO and co-founder of LayerZero, Bryan Pellegrino, said:
“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.”LayerZero, which can be considered as the underlying technology upon which other applications can be built, has several potential new use cases in mind that include: games and Media applications having high throughput transactions relocated to one blockchain with NFT trading onto other blockchains with the high liquid markets; DeFi applications using trading, lending and borrowing across multiple blockchains.
LayerZero’s innovations
This achievement propels LayerZero Labs closer to its goal of making crypto more accessible to end-users, driving the inevitable adoption of digital assets. The LayerZero team believes that dApps created on the platform would isolate blockchains from their apps, instead of leveraging the power of multiple blockchains to create world-class crypto user experiences.Cross-chain liquidity transfer protocol, Stargate, whose integration on Sushi has been recommended by the SushiSwap community, is also launched by LayerZero Labs, following the beta launch of LayerZero.
The LayerZero protocol will be integrated with non-Ethereum Virtual Machine blockchains like Solana and Terra in the months ahead, according to the developers. Ryan Zarick, LayerZero Labs' CTO and co-founder, explained:
“LayerZero unlocks a future of blockchains without borders. Users will interact with omnichain dApps that exist on multiple blockchains. These dApps will seamlessly communicate over LayerZero without the user even realizing it.”
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