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Layerzero Labs Secures $135 Million to Bolster Cross-Chain Interoperability – Finance Bitcoin News


Layerzero Labs, the agency behind the interoperability protocol Layerzero, has revealed the corporate has raised $135 million in a Series A+ finance spherical led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ total valuation to $1 billion and the funds might be leveraged to develop cross-chain decentralized functions (dapps) powered by Layerzero.

Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital

On March 30, 2022, the corporate Layerzero Labs introduced it had secured $135 million in a Series A+ funding spherical. The funding spherical was led by Sequoia Capital, FTX Ventures, and a16z, and the funding additionally noticed participation from Uniswap Labs, Paypal Ventures, Tiger Global, and Coinbase Ventures. The financing additionally pushes Layerzero Labs to unicorn standing, as the newest capital injection brings the corporate’s total valuation to $1 billion.

“This round is a massive step forward for Layerzero Labs and the unfolding interoperability landscape,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino stated in a press release. “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,” Pellegrino added through the announcement.

Just lately, the startup launched Stargate Finance, a cross-chain liquidity switch protocol that makes use of Layerzero’s generic messaging expertise. Layerzero Labs says that after the launch, Stargate “surpassed $3.4 billion in assets secured, and Stargate has sent over $264 million in transfers over Layerzero.” Stargate is interoperable with seven blockchains which embody Arbitrum, Optimism, Binance Smart Chain (BSC), Ethereum, Avalanche, Fantom, and Polygon.

“Composability is a defining characteristic in blockchain technology, which Layerzero enables,” Ramnik Arora, an investor from FTX Ventures defined. “Layerzero allows smart contracts on one chain to seamlessly and securely leverage the network of another chain, increasing the value of the entire blockchain ecosystem. The team is a rare combination of vision and technical execution, and we at FTX are honored to support them this past year.”

Cross-chain expertise has blossomed fairly a bit over the past 12 months. Some of the most important decentralized finance (defi) functions like Curve Finance, Lido, Uniswap, Sushiswap, and Anchor leverage a number of blockchains. At the time of writing, there’s $21.63 billion complete worth locked throughout varied cross-chain bridges to Ethereum.

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$135 million, A16Z, Andreessen Horowitz, Bryan Pellegrino, Coinbase Ventures, Cross-chain, cross-chain tech, Finance, Finance Round, FTX Ventures, funding round, interoperability protocol, Layerzero, Layerzero Labs, Paypal Ventures, Sequoia Capital, Series A, Tiger Global, Uniswap Labs

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com News in regards to the disruptive protocols rising right this moment.

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