LayerZero Raises $135M to Tackle Interoperability in Crypto
LayerZero Labs has raised $135 million, giving it a $1 billion valuation.
The raise was led by Sequoia, Andreessen Horowitz, and FTX Ventures.
The LayerZero team is attempting to build a solution to blockchain’s interoperability problem.
Share this article
LayerZero Labs has raised $135 million in a funding round at a $1 billion valuation. Sequoia Capital, Andreessen Horowitz, and FTX Ventures led the raise.
Nine Figures for Interoperability
It appears that prominent backers are betting on a cross-chain, interoperable future of the blockchain world.
Led by some of the most prominent venture capitalists in the world, LayerZero Labs has reached a $1 billion valuation with its most recent $135 million raise. The funds will be used to push forward LayerZero Labs’ value proposition of improving the usability of decentralized applications across different blockchains.
The chief executive officer of LayerZero Labs, Bryan Pellegrino, said:
“This round is a massive step forward for LayerZero Labs and the unfolding interoperability landscape. We’ve brought some of the best and most well respected entities in the world together to accomplish the same goal: create the generic messaging layer that underpins all interoperability between blockchains.”
LayerZero utilizes so-called Ultra Light Nodes to allow for decentralized applications to connect across blockchains. Developers can use LayerZero’s protocol to make their decentralized applications cross-chain compatible, referred to by the protocol’s team as “omnichain.”
In addition to the leaders of the raise, Coinbase Ventures, PayPal Ventures, Tiger Global, UniSwap Labs, and others took part in the nine-figure raise.
In a Sequoia Capital article on today’s fundraise announcement, Michelle Bailhe and Shaun Maguire told the story of their firm’s early interest in LayerZero that planted the seeds that grew into the partnership announced today. They called the problem of interoperability that LayerZero was tackling one of the crypto space’s “holy grail problems.” Bailhe and Maguire provided an analogy to blockchain’s interoperability issues—explaining that it would be similar to if the Uber or DoorDash application could only be integrated with others also using iOS or Android, so even if an available Uber driver was right by a user who requested a ride, they would not be matched if they had different cell phones.
0xMaki, who co-founded the decentralized exchange SushiSwap, joined LayerZero Labs recently.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…
7 Asian Blockchain Leaders On Interoperability, Regulation, And Innova…
In 2017, China dominated cryptocurrency headlines – but to many observers, it’s now all quiet on the eastern front. But don’t let the diminished focus fool you – Chinese blockchain…
$5M in Ethereum Lost in THORChain Exploit
THORChain is the latest DeFi attack victim. THORChain Pauses Network After Attack THORChain has been exploited. The DeFi network, which focuses on cross-chain interoperability between protocols like Bitcoin and Ethereum,…
Acala Integrates Wormhole, Taking Polkadot Multi-Chain
Acala and Karura have announced plans to integrate with the leading cross-chain bridge, Wormhole. The move will connect the Polkadot and Kusama ecosystems with eight other Layer 1 chains, including…