- Notable investors included Christie’s, Samsung Next, OpenSea Ventures, Circle Ventures, and a16z crypto.
- The blockchain messaging protocol connects over 30 mainnet blockchains and has over $7 billion in total value locked.
The blockchain messaging protocol LayerZero Labs has successfully raised $120 million in its Series B funding round, boosting the company’s valuation to an impressive $3 billion. The interoperability protocol has attracted notable investors from both within and outside the crypto space, highlighting the growing potential and interest in blockchain technology.
A Stellar Roster of Investors
The funding round included participation from 33 different groups, with major investors such as Christie’s, Samsung’s next-gen investment arm, NFT platform OpenSea, Circle Ventures, and a16z’s crypto branch. This marks a significant milestone for the company, which has managed to secure backing from some of the most prominent crypto-focused organizations in the world.
In just over a year since its launch, LayerZero Labs has connected more than 30 mainnet blockchains and secured over $7 billion in total value locked. The protocol is utilized by on-chain applications like decentralized exchanges, including PancakeSwap, Sushiswap, Trader Joe, and Uniswap. According to CEO and co-founder Bryan Pellegrino, the platform has processed over $6 billion in transactional volume, with “hundreds of thousands of unique users” having used the protocol.
LayerZero: The Underlying Fabric of Blockchain Communication
LayerZero Labs aims to create an “omnichain” future, a world where different blockchain protocols can seamlessly communicate and transfer data without intermediaries. Pellegrino compares LayerZero to the internet’s TCP/IP messaging protocol, describing it as a “pure transfer of data” that enables various applications to build more complex structures.
The protocol has already been used by bridging products like Stargate Finance and the Aptos Bridge, as well as layer-2 networks such as Arbitrum and zkSync. Furthermore, LayerZero has been making inroads in the gaming and NFT sectors, where the need for fast and efficient data transfer is increasingly important.
Expanding Horizons: Gaming, APAC, and Beyond
The funds raised in the Series B round will be allocated towards expanding LayerZero’s team, particularly in marketing efforts, and increasing the company’s presence in the Asia-Pacific region. Pellegrino explains that to own gaming as a messaging layer truly, it is crucial to establish a solid footing in the APAC region, where a significant portion of the gaming market thrives.
As more games and esports organizations explore the potential of blockchain technology, LayerZero’s interoperability protocol is poised to play a crucial role in enabling fast and efficient data transfer between various gaming networks. This eliminates the need for costly and slow transactions that have plagued earlier implementations of blockchain gaming.
In the long run, Pellegrino envisions LayerZero’s messaging protocol as the backbone of an interconnected, multi-chain future. The goal is to provide developers with the necessary tools to create the best systems possible, whether crafting games, DeFi applications, or other innovative solutions. With a $3 billion valuation and a growing roster of high-profile investors, LayerZero Labs is undoubtedly on track to become a significant player in the rapidly evolving world of blockchain technology.
