Decentralized applications protocol developer onmichain to contain multiple blockchains, LayerZero Labs, has announcement that it raised $135 million in a Series A+ investment round.
LayerZero Hits $1 Billion Valuation
The $135 million funding, which aims to accelerate the development of its namesake protocol, helped LayerZero achieve a $1 billion valuation.
Major venture capital 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 main objective of the new funding is to unite applications such as games, NFTs, multimedia applications, markets, to make them usable in multi-channel domains.
Speaking of the companies’ concurrent goals, LayerZero CEO and co-founder Bryan Pellegrino said:
“We have brought together some of the best and most respected entities in the world to achieve the same goal: to create the generic messaging layer that underpins all blockchain interoperability.”
LayerZero, which can be considered the underlying technology upon which other applications can be built, has several potential new use cases in mind, including: games and media applications having high-speed transactions displaced towards a blockchain with NFT trading on other blockchains with high liquid markets; DeFi applications using trading, lending and borrowing on multiple blockchains.
This achievement brings 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 built on the platform would isolate blockchains from their applications, instead of leveraging the power of multiple blockchains to create world-class crypto user experiences.
The cross-chain cash transfer protocol, Stargate, recommended for integration on Sushi by the SushiSwap community, is also launched by LayerZero Labs, following the beta launch of LayerZero.
The LayerZero protocol will be integrated into non-Ethereum Virtual Machine blockchains like Solana and Terra in the coming months, according to the developers. Ryan Zarick, CTO and co-founder of LayerZero Labs, explained:
“LayerZero unlocks a borderless blockchain future. Users will interact with omnichain dApps that exist on multiple blockchains. These dApps will communicate transparently over LayerZero without the user even realizing it.