LayerZero Labs, a cross-chain messaging protocol developer, has secured an additional $120 million. It’s believed that the platform aims to use the additional funds to expand its headcount and reach throughout the Asia-Pacific territory, as stated by Cointelegraph.
According to Cointelegraph, concluding of the fundraising has raised the company’s valuation to three billion dollars. Reportedly, more than 33 investors took part in the latest funding round, including Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie’s, OpenSea Ventures and Samsung Next.
“Imagine a future where a single user-facing application can harness the speed of Solana, the security of Ethereum, and the cheap file storage of Arweave, while also being fully abstracted to the user. This is our vision, made possible by the LayerZero protocol that seamlessly connects all blockchains and enables chain-agnostic applications to be built across various blockchains to create a best-in-class user experience. The days of choosing one chain to build on are over; the future is omnichain applications,” Ryan Zarick, co-founder and chief technology officer, LayerZero Labs, stated.
Moreover, Cointelegraph noted that on January 31, 2023, LayerZero got 37.58% worth votes to become Uniswap’s bridge protocol for cross-chain governance amongst E thereum and BNB Chain. Through a March 30, 2023, announcement, it’s found that LayerZero would merge Gnosis’ multi-bridge platform called Hashi.
(With insights from Cointelegraph)