LayerZero, an omnichain interoperability platform, revealed yesterday that it has secured $135 million in a round headed by Sequoia Capital, FTX Ventures, and Andreessen Horowitz.
LayerZero Labs is now valued at $1 billion. The funding will be used to connect gaming, NFTs, and other apps so that they can operate across many blockchain domains.
LayerZero easily connects blockchains and enables the development of cross-chain apps.
Coinbase Ventures, PayPal Ventures, Uniswap Labs, and Tiger Global are among the other prominent venture groups and investors who participated in the fundraising round.
This round follows the Series A funding they secured in September, which catapulted them to prominence. Multicoin Capital and Binance Labs led the initial investment round, which raised $6 million.
LayerZero CEO Bryan Pellegrino stated that this is a significant step for his company, and that the goal is to "build the generic messaging layer that underpins all interoperability between blockchains."
The venture group partners also shared their thoughts on this latest event.
Andreessen Horowitz general partner Ali Yahya highlighted that the LayerZero team has made significant strides in their dedication to blockchain interoperability and that they are excited to witness the forthcoming innovation.
Ramnik Arora, an investor at FTX Ventures, added, "The team is a rare combination of vision and technical execution, and we at FTX are honoured to have supported them this past year."
“LayerZero Labs is solving one of the most important and highest-value problems in crypto,” said Shaun Maguire, a Sequoia partner.
Following the beta launch of LayerZero, the firm just released Stargate, a cross-chain protocol.