LayerZero omni-chain protocol team raises $135 million at a $1 billion valuation

The developers of the LayerZero omni-chain protocol raised $135 million in a Series A+ funding round at a $1 billion valuation. It was led by Sequoia, FTX Ventures, and Andreessen Horowitz.

1/ Today, we’re thrilled to announce our co-lead of @LayerZero_Labs‘s Series A+ with our friends at @sequoia and @a16z .https://t.co/FaE5u60sY3

— FTX: Ramnik (@ramnikarora) March 30, 2022

Other investors included Coinbase Ventures, PayPal Ventures, Tiger Global, and Uniswap Labs.

In September 2021 LayerZero Labs closed a Series A funding round of $6 million. It was led by Binance Labs and Multicoin Capital.

The LayerZero protocol aims to connect disparate blockchains, enabling applications to pass messages between chains. According to the developers, their project combines Polkadot’s economic efficiency with Cosmos’ security.

LayerZero supports Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum, and Optimism. According to LayerZero Labs’ CEO and co-founder Brian Pellegrino, Solana and Terra will join the list in April.

The Stargate bridge, launched two weeks ago within the ecosystem, processed transactions worth $264 million.

As noted previously, the total funds involved in LayerZero-based cross-chain Stargate bridge reached reached $2.5 billion a week after launch. As of writing, the figure surpassed $3.7 billion.

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