Layerzero Labs Secures $135 Million to Bolster Cross-Chain Interoperability
Layerzero Labs, the agency behind the interoperability protocol Layerzero, has revealed the corporate has raised $135 million in a Series A+ finance spherical led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ general valuation to $1 billion and the funds can be leveraged to develop cross-chain decentralized functions (dapps) powered by Layerzero.
Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital
On March 30, 2022, the corporate Layerzero Labs introduced it had secured $135 million in a Series A+ funding spherical. The funding spherical was led by Sequoia Capital, FTX Ventures, and a16z, and the funding additionally noticed participation from Uniswap Labs, Paypal Ventures, Tiger Global, and Coinbase Ventures. The financing additionally pushes Layerzero Labs to unicorn standing, as the newest capital injection brings the corporate’s general valuation to $1 billion.
“This spherical is an enormous step ahead for Layerzero Labs and the unfolding interoperability panorama,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino stated in a press release. “We’ve introduced a few of the greatest and most effectively revered entities on this planet collectively to perform the identical purpose: create the generic messaging layer that underpins all interoperability between blockchains,” Pellegrino added throughout the announcement.
Just not too long ago, the startup launched Stargate Finance, a cross-chain liquidity switch protocol that makes use of Layerzero’s generic messaging know-how. Layerzero Labs says that after the launch, Stargate “surpassed $3.4 billion in belongings secured, and Stargate has despatched over $264 million in transfers over Layerzero.” Stargate is interoperable with seven blockchains which embrace Arbitrum, Optimism, Binance Smart Chain (BSC), Ethereum, Avalanche, Fantom, and Polygon.
“Composability is a defining attribute in blockchain know-how, which Layerzero permits,” Ramnik Arora, an investor from FTX Ventures defined. “Layerzero permits good contracts on one chain to seamlessly and securely leverage the community of one other chain, growing the worth of all the blockchain ecosystem. The staff is a uncommon mixture of imaginative and prescient and technical execution, and we at FTX are honored to assist them this previous yr.”
Cross-chain know-how has blossomed fairly a bit over the past 12 months. Some of the biggest decentralized finance (defi) functions like Curve Finance, Lido, Uniswap, Sushiswap, and Anchor leverage a number of blockchains. At the time of writing, there’s $21.63 billion complete worth locked throughout numerous cross-chain bridges to Ethereum.
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