LayerZero Labs, the team behind the LayerZero project, announced that it has completed its $120 million Series B funding round.
33 investors including a16z, BOND, Christie’s, Circle Ventures, OpenSea Ventures, Samsung Next and Sequoia Capital participated in this funding round, which increased the value of LayerZero Labs to $3 billion. LayerZero Labs announced that these funds will play an important role in the growth of the project and the expansion of its presence in the APAC region.
LayerZero Provides More Than $7 Billion of TVL
Ryan Zarick, Co-Founder and CTO of LayerZero Labs, commented, “Imagine if a single user-facing application could use Solana’s speed, Ethereum’s security and Arweave’s cheap file storage. All of this is possible with the LayerZero protocol, which enables the creation of off-chain applications on various blockchains.”
LayerZero is a protocol that enables interoperability and facilitates seamless cross-chain messaging between numerous blockchains. It provides the basic infrastructure needed to deploy decentralized applications (dApps) across multiple blockchains. By leveraging LayerZero, developers can create projects on multiple blockchains without the need for an intermediary to facilitate cross-chain interactions.
LayerZero’s platform has experienced significant growth since its launch. In the process, the project, which facilitated the transfer of more than two million messages to more than 30 chains, achieved a total locked value (TVL) of more than $ 7 billion and a transaction volume of more than $ 6 billion.
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