LayerZero Labs Raises $135 Million at $1 Billion Valuation

LayerZero Labs is a blockchain tech startup. It is an omnichain interoperability protocol that united decentralized applications, or dapps, across disparate blockchains. The LayerZero Labs focuses on uniting liquidity across different chains, thus making it possible to transact in and out, as well as across networks easily.

The funding round was co-led by Sequoia Capital, Andreessen Horowitz, and FTX Ventures. Among other participants were Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, Dapper Labs, imToken, CoinFund, Polygon, Zokyo, and Gemini. The funding raised will be used for the acceleration of development in cross-chain decentralized applications.

LayerZero Labs, Vancouver-based, was founded by Bryan Pellegrino, Caleb Banister, and Ryan Zarick in 2021. “Our mission is to connect every [smart] contract on every chain,” Bryan Pellegrino, CEO. The key company’s offering is a messaging layer enabling direct cross-chain communication. For example, Ethereum now is able to access liquidity on Serum, an exchange built on Solana. As of now, LayerZero supports seven networks. Among them are Fantom, Ethereum, and Avalanche. In four years, the company plans to be on Solana and Terra, according to Bryan Pellegrino.

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