LayerZero Labs Raises $120 Million in Series B Funding, Hitting $3B Valuation

LayerZero, a system for blockchain interoperability, secured $120 million in Series B funding. Now valued at $3 billion, LayerZero intends to grow by entering the gaming and APAC markets.

After obtaining $120 million in a Series B fundraising round, LayerZero Labs, the group behind the blockchain interoperability protocol LayerZero, reached a $3 billion value. A16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s were a few notable investors. A16z Crypto, Sequoia Capital, and FTX Ventures previously co-led a $135 million Series A round on behalf of the business, giving LayerZero a $1 billion valuation at the time.

According to CEO Bryan Pellegrino, the cash will support LayerZero’s expansion objectives, notably in the gaming industry and the Asia-Pacific area. With a total value locked over $7 billion and transactional volume above $6 billion, LayerZero enables users to transmit tokens across various blockchains in a single transaction. LayerZero has been utilized for cross-chain transactions by major DeFi protocols and NFT collections.

By the end of the year, LayerZero hopes to work with gaming studios and expand its staff from 40 to 70 people. As of right now, the company has received $263 million in total capital from SAFE agreements and token warrants.

Previous Article

Giant Hacking in Crypto History: Euler Finance Cyber Attack and Recovery of Funds

Next Article

The Actions That Need To Be Done for ZkSync Era Mainnet Airdrop

Related Posts