The blockchain interoperability protocol, LayerZero, has announced raising $135 million at a $1 billion valuation. The funds will be used to advance further the development of cross-chain decentralized applications (dApps).
- According to the press release, the Series A extension round of the Canada-based firm was co-led by Sequoia Capital, FTX Ventures, and Andreessen Horowitz. Other participants included Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, among others.
- With the latest round of capital infusion, LayerZero has reached unicorn status.
- Following the development, Bryan Pellegrino, CEO and co-founder, LayerZero Labs, commented,
“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.”
- The protocol, which currently operates in beta version, aims to address shortcomings related to interoperability and seeks to unite applications such as gaming, NFT marketplaces, media apps across disparate blockchains.
- In the press release, CTO Ryan Zarick explained that LayerZero “unlocks a future of blockchains without borders” that enables users to communicate with omnichain decentralized applications that exist on different blockchains.
- A week after the beta launch, LayerZero rolled out a cross-chain protocol – Stargate – earlier this month and announced onboarding Maki, the co-founder of SushiSwap, to lead business development.
- The main objective of the Stargate protocol is to facilitate funds transfer between multiple blockchains and compete with existing multichain bridge projects such as Synapse, Connext, etc.
- Currently, LayerZero supports seven networks, including Ethereum, Avalanche, and Fantom. It plans to extend to Solana and Terra in the coming weeks.