Layerzero Labs (the company behind Layerzero) has announced that they have raised $135 million through a Series A+ round of financing. This was led by Andreessen Horowitz and FTX Ventures as well as Sequoia Capital. The new financing brings Layerzero Labs’ overall valuation to $1 billion and the funds will be leveraged to develop cross-chain decentralized applications (dapps) powered by Layerzero.
Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital
Layerzero Labs, a company that makes software for the internet and mobile devices announced on March 30th 2022 it has raised $135 million through a Series A+ round of funding. Sequoia Capital led, FTX Ventures and a16z participated. The financing also pushes Layerzero Labs to unicorn status, as the latest capital injection brings the company’s overall valuation to $1 billion.
“This round is a massive step forward for Layerzero Labs and the unfolding interoperability landscape,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino said in a statement. “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,” Pellegrino added during the announcement.
Just recently, the startup launched Stargate Finance, a cross-chain liquidity transfer protocol that utilizes Layerzero’s generic messaging technology. Layerzero Labs says that after the launch, Stargate “surpassed $3.4 billion in assets secured, and Stargate has sent over $264 million in transfers over Layerzero.” Stargate is interoperable with seven blockchains which include Arbitrum, Optimism, Binance Smart Chain (BSC), Ethereum, Avalanche, Fantom, and Polygon.
“Composability is a defining characteristic in blockchain technology, which Layerzero enables,” Ramnik Arora, an investor from FTX Ventures explained. “Layerzero allows smart contracts on one chain to seamlessly and securely leverage the network of another chain, increasing the value of the entire blockchain ecosystem. The team is a rare combination of vision and technical execution, and we at FTX are honored to support them this past year.”
In the past 12 months, cross-chain tech has seen a lot of growth. Some of the biggest decentralized financial (defi), applications, such as Curve Finance, Lido and Uniswap use multiple blockchains. At the time of writing, there’s $21.63 billion total value locked across various cross-chain bridges to Ethereum.
Layerzero raised $135 Million from investors during a Series A+ finance round. What are your thoughts? Please comment below to let us know your thoughts on this topic.
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