Layerzero Labs, the agency behind the interoperability protocol Layerzero, has revealed the corporate has raised $135 million in a Collection A+ finance spherical led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The brand new financing brings Layerzero Labs’ total valuation to $1 billion and the funds will likely be leveraged to develop cross-chain decentralized purposes (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 Collection 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 World, and Coinbase Ventures. The financing additionally pushes Layerzero Labs to unicorn standing, as the most recent capital injection brings the corporate’s total valuation to $1 billion.
“This spherical is a large step ahead for Layerzero Labs and the unfolding interoperability panorama,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino mentioned in an announcement. “We’ve introduced a few of the finest and most nicely revered entities on this planet collectively to perform the identical aim: create the generic messaging layer that underpins all interoperability between blockchains,” Pellegrino added in the course of the announcement.
Only in the near past, 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 embody Arbitrum, Optimism, Binance Sensible Chain (BSC), Ethereum, Avalanche, Fantom, and Polygon.
“Composability is a defining attribute in blockchain know-how, which Layerzero allows,” 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 the complete blockchain ecosystem. The group is a uncommon mixture of imaginative and prescient and technical execution, and we at FTX are honored to help them this previous 12 months.”
Cross-chain know-how has blossomed fairly a bit over the past 12 months. Among the largest decentralized finance (defi) purposes like Curve Finance, Lido, Uniswap, Sushiswap, and Anchor leverage a number of blockchains. On the time of writing, there’s $21.63 billion whole worth locked throughout varied cross-chain bridges to Ethereum.
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Source: Bitcoin News