Binance Labs and Multicoin Capital Invest in LayerZero Omnichain Protocol

The LayerZero omnichain protocol developers have raised $6 million in a Series A round led by Binance Labs and Multicoin Capital, ForkLog reports, according to project representatives.

Investors also included Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, Gen Block Capital and Echelon Capital. The investments will be used to further develop and deploy the project.

The LayerZero protocol is designed to connect different blockchains, enabling applications to transmit messages across chains. Its developers say the project combines Polkadot’s economic efficiency with Cosmos’ security.

“Due to high fees and changing investor preferences, DeFi applications spread and deployed across multiple blockchains. This led to a serious fragmentation of the market. […] LayerZero solves this problem by uniting liquidity across chains,” said the project’s co-founder Brian Pellegrino.

Currently the protocol is at the audit stage, and its launch is planned for Q4 2021. At launch LayerZero will support Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism. In the near future, developers will integrate the project with a number of other networks, including Solana, Polkadot and Algorand.

As reported, the SubQuery Network, a data-indexing protocol for the Polkadot and Kusama ecosystems, closed a Series A funding round worth $9 million.

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