Blockchain messaging protocol developer LayerZero Labs tripled its valuation to $3 billion after a $120 million Series B raise.
Search less. Close more.
Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.
LayerZero Labs is tackling the problem of interoperability among different blockchains. The company’s protocol allows for cross-chain messaging across countless blockchains.
“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,” said Ryan Zarick, co-founder and CTO, in a release. “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,” he added.
LayerZero plans on using the new money to increase its headcount, push growth initiatives and grow its presence in the Asia-Pacific region.
The round is one of the largest in the crypto and blockchain sector since FTX’s implosion in November.
According to Crunchbase data, only Singapore-based Amber Group — which raised a $300 million Series C — and Germany-based Matter Labs — which closed a $200 million Series C — have seen bigger deals in the space since FTX collapsed, sending shockwaves through the crypto and blockchain ecosystem.
- Sam Bankman-Fried Received Billions From FTX-Related Entities
- Sam Bankman-Fried Faces New Charge Involving Conspiracy To Bribe Chinese Officials
- Bankman-Fried Indicted On Criminal Conspiracy And Fraud Charges; Sued Over ‘House Of Cards’
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.