LayerZero Labs, a Vancouver-based blockchain infrastructure provider, has raised $120 million in a Series B funding round at a valuation of $3 billion. The funding round included investors such as the crypto arm of Andreessen Horowitz, auction house Christie’s, Sequoia Capital, and Samsung Next.
This nine-figure deal during a crypto bear market is a testament to the resiliency of infrastructure-focused projects. The capital will be used to fund growth initiatives, including expanding the company’s presence in the Asia-Pacific region and hiring new talent.
LayerZero’s Interoperability and Cross-Chain Messaging Infrastructure
LayerZero offers interoperability and cross-chain messaging infrastructure that enables decentralized application developers to access multiple blockchains without intermediaries. This technology allows developers to create more complex applications with a seamless experience between chains.
The LayerZero protocol has facilitated the transmission of over two million messages across 30 chains and has locked in a total value of more than $7 billion. The technology is employed by multiple on-chain applications, including decentralized exchanges such as PancakeSwap, SushiSwap, TraderJoe and Uniswap.
LayerZero Emerges from Stealth Mode
In September 2021, LayerZero emerged from stealth mode after raising $6 million in funding. The company’s pioneering technology has attracted the attention of diverse investors and has gained significant momentum in the industry.
In an email to CoinDesk, Bryan Pellegrino, co-founder and CEO of LayerZero Labs, stated that “LayerZero is akin to what the internet was to computing clusters in the world of blockchains.” This implies that it is now possible to develop applications that are significantly more complex than the current ones, with the added benefit of a seamless experience between chains.
Aligning with Partners and Accomplishing Goals
According to Pellegrino, the success of the funding round is not solely measured by the amount of capital raised. He emphasized that “more than the monetary value, it was the association with a remarkable group of partners that mattered to us.” Pellegrino further explained that their fundraising goals included the inclusion of specific partners, and they were able to accomplish all of their objectives.
This funding round marks a significant milestone for LayerZero Labs and showcases the potential of infrastructure-focused projects in the blockchain industry. The company’s innovative technology has the potential to transform the way decentralized applications are built and used in the future.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
