• LayerZero Labs, a blockchain infrastructure development firm, recently raised $120 million in a Series B funding round, bringing its valuation to $3 billion.
• The funds will be used to scale LayerZero Labs and deepen its presence in the Asia-Pacific region.
• LayerZero’s omnichain protocol enables decentralized application (dApp) developers to access multiple blockchains without relying on intermediaries.
LayerZero Labs Raises $120 Million in Series B Funding Round
LayerZero Labs, a blockchain infrastructure development firm, recently announced the successful completion of a Series B funding round with total investments amounting to $120 million. This impressive sum brings the company’s valuation to an estimated $3 billion and signals the increasing significance of multichain use cases and the role LayerZero’s messaging protocol plays in the digital asset ecosystem.
Role of Interoperability & Cross-Chain Messaging Infrastructure
The successful funding round highlights the importance of interoperability and cross-chain messaging infrastructure in the blockchain space. LayerZero’s omnichain protocol allows dApp developers to access multiple blockchains without having to rely on intermediaries. This expanded functionality can drive innovation and adoption of blockchain technology across industries such as finance, supply chain management, and gaming.
High-Profile Investors Backing LayerZero
The latest funding round has attracted high-profile investors including Andreessen Horowitz (a16z), Sequoia Capital, OpenSea Ventures, Circle Ventures, BOND, Christie’s, and Samsung Next among others. The diversity of these backers reflects their belief in the potential of LayerZero’s technology for revolutionizing the blockchain industry.
Funds Used To Scale Operations & Deepen Presence In Asia Pacific Region
The funds raised will be utilized by LayerZero Labs for scaling operations, increasing headcount and deepening presence in Asia-Pacific region which is key for cementing its position as a leading messaging protocol provider. “LayerZero is to blockchains what the internet was to computing clusters,” shares Bryan Pellegrino, co-founder and CEO of LayerZero Labs. Its protocol is utilized by prominent on-chain applications such as PancakeSwap, SushiSwap and Uniswap demonstrating its growing influence in crypto space since it has already facilitated over two million messages across more than 30 chains with total value locked amounting to over $7 billion so far.
Impact On Digital Asset Ecosystem And Beyond
This massive funding round provides further evidence that blockchain technology is here to stay despite bear market conditions showing resilience of projects focused on infrastructure like LayerZero Labs which are poised have a significant impact on multichain use cases enabling more complex applications with greater ease thereby fostering innovation across industries well beyond digital assets ecosystem itself.