Cross-chain protocol LayerZero has successfully completed its Series B funding round with a valuation of $3 billion. The funding round saw participation from top investors such as a16z from Andreessen Horowitz, Christie’s auction house, Sequoia Capital, and Samsung Next, the investment arm of Samsung. The round involved 33 investors including BOND, Circle Ventures, and Open Sea Ventures. The funds raised will be used to expand the company’s presence in the Asia-Pacific region.
This funding round is being considered as a massive success in the current downtrend market, despite infrastructure projects showing promising signs of recovery. LayerZero, based in New York, provides infrastructure for cross-chain operations, allowing developers to move towards multichain without the need for third-party assistance. The protocol allows chains to build bridges for the transfer of assets and execute arbitrary data, similar to how the internet functions.
According to Bryan Pellegrino, co-founder CEO LayerZero Labs, “LayerZero is to blockchains what the internet was to computing clusters. What this means is that you can now build applications that are orders of magnitude more complex than existing applications and do so with a completely seamless experience between chains.”
LayerZero made its debut in September 2021 with a $6 million funding round. Since then, the protocol has facilitated over two million messages relayed across more than 30 chains and has secured over $7 billion in total value locked (TVL). Several on-chain applications such as PancakeSwap, Sushiswap, TraderJoe, and Uniswap use LayerZero.
The successful completion of LayerZero’s Series B funding round highlights the growing interest in blockchain infrastructure projects, especially those that facilitate cross-chain operations. The participation of top investors in the funding round is a testament to the potential of LayerZero’s technology and its ability to revolutionize the blockchain industry. The funds raised will help LayerZero expand its operations in the Asia-Pacific region and continue to innovate and develop new solutions for cross-chain operations.
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This article was republished from azcoinnews.com
