LayerZero Raises $120 Million at $3 Billion Valuation

LayerZero Labs is a developer of blockchain interoperability protocol that connects decentralized applications (dapps) across disparate blockchains. The platform uses a novel approach to make it more straightforward for different blockchain networks to communicate by allowing decentralized application developers to reach multiple blockchains without the need for a middleman to facilitate the cross-chain interactions.

LayerZero Labs has raised $120 million in a Series B funding round, bringing the company’s valuation to $3 billion. The crypto arm of noted investment firm Andreessen Horowitz, auction house Christie’s, Sequoia Capital, and Samsung Next took part in the latest round. More than 30 investors participated in the new funding round, including BOND, Circle Ventures, and OpenSea Ventures.

LayerZero Labs, headquartered in Vancouver, British Columbia, Canada, was founded in 2021 by Bryan Pellegrino, Caleb Banister, and Ryan Zarick. LayerZero is to blockchains what the internet was to computing clusters. LayerZero allows chains not only to build bridges (to transfer assets / value between them) but send and execute arbitrary data just like a packet on the internet,” said Bryan Pellegrino, co-founder and CEO of LayerZero Labs. “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.”

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