LayerZero Raises $120 Million In Series B, Reaches $3 Billion Valuation
Key Points:
- LayerZero Labs, a web3 communications system, has raised $120 million in Series B financing, increasing its value from $1 billion to $3 billion.
- a16z Crypto, Sequoia Capital, and Circle Ventures all participated in the most recent Series B fundraising round.
- Almost $7 billion in total value has been locked on the platform, and over $6 billion in transactional traffic has been handled.
LayerZero Labs, the developer of the Web3 communications protocol, has secured a $120 million Series B financing at a $3 billion valuation, more than doubling its value from a $135 million deal in March 2022.
LayerZero announced Tuesday that investors in the round included a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s.
The cross-chain messaging protocol facilitates the deployment of decentralized apps (dApps) across various blockchains and allows projects to connect without the need for an intermediate — such as a cross-chain bridge.
According to Bryan Pellegrino, co-founder and CEO of LayerZero Labs, the major goal of the funding was to simplify the team’s insights and pipeline into the Asia-Pacific region’s (APAC) gaming sector.
The Series B round had 33 investors, but there was no lead investor, according to Pellegrino.
The capital round is an unusual nine-figure transaction in the midst of a crypto bear market in which investments in the sector have slowed to a crawl, albeit infrastructure-focused ventures have shown to be the most robust.
LayerZero emerged from stealth with a $6 million fundraising round in September 2021. On-chain apps such as decentralized exchanges, such as PancakeSwap, Sushiswap, Trader Joe, and Uniswap, employ the protocol. According to the firm, the platform has secured over $7 billion in total value locked and handled over $6 billion in transactional activity.
LayerZero’s $135 million Series A investment was co-led by a16z Crypto, Sequoia Capital, and FTX Ventures in March 2022. According to Pellegrino, these three investors supplied the large $120 million amount at the time. LayerZero was then worth $1 billion. With today’s revelation, the project’s worth has more than quadrupled in less than a year.
Pellegrino thinks that LayerZero’s communications protocol, and others, will continue to construct the infrastructure that will enable apps to design more complicated structures in the long run.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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LayerZero Raises $120 Million In Series B, Reaches $3 Billion Valuation
Key Points:
- LayerZero Labs, a web3 communications system, has raised $120 million in Series B financing, increasing its value from $1 billion to $3 billion.
- a16z Crypto, Sequoia Capital, and Circle Ventures all participated in the most recent Series B fundraising round.
- Almost $7 billion in total value has been locked on the platform, and over $6 billion in transactional traffic has been handled.
LayerZero Labs, the developer of the Web3 communications protocol, has secured a $120 million Series B financing at a $3 billion valuation, more than doubling its value from a $135 million deal in March 2022.
LayerZero announced Tuesday that investors in the round included a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s.
The cross-chain messaging protocol facilitates the deployment of decentralized apps (dApps) across various blockchains and allows projects to connect without the need for an intermediate — such as a cross-chain bridge.
According to Bryan Pellegrino, co-founder and CEO of LayerZero Labs, the major goal of the funding was to simplify the team’s insights and pipeline into the Asia-Pacific region’s (APAC) gaming sector.
The Series B round had 33 investors, but there was no lead investor, according to Pellegrino.
The capital round is an unusual nine-figure transaction in the midst of a crypto bear market in which investments in the sector have slowed to a crawl, albeit infrastructure-focused ventures have shown to be the most robust.
LayerZero emerged from stealth with a $6 million fundraising round in September 2021. On-chain apps such as decentralized exchanges, such as PancakeSwap, Sushiswap, Trader Joe, and Uniswap, employ the protocol. According to the firm, the platform has secured over $7 billion in total value locked and handled over $6 billion in transactional activity.
LayerZero’s $135 million Series A investment was co-led by a16z Crypto, Sequoia Capital, and FTX Ventures in March 2022. According to Pellegrino, these three investors supplied the large $120 million amount at the time. LayerZero was then worth $1 billion. With today’s revelation, the project’s worth has more than quadrupled in less than a year.
Pellegrino thinks that LayerZero’s communications protocol, and others, will continue to construct the infrastructure that will enable apps to design more complicated structures in the long run.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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