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Layerzero Labs Secures $135 Million to Bolster Cross-Chain Interoperability – Finance Bitcoin News

Layerzero Labs, the agency behind the interoperability protocol Layerzero, has revealed the corporate has raised $135 million in a Collection A+ finance spherical led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The brand new financing brings Layerzero Labs’ general valuation to $1 billion and the funds will likely be leveraged to develop cross-chain decentralized purposes (dapps) powered by Layerzero.

Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital

On March 30, 2022, the corporate Layerzero Labs introduced it had secured $135 million in a Collection A+ funding spherical. The funding spherical was led by Sequoia Capital, FTX Ventures, and a16z, and the funding additionally noticed participation from Uniswap Labs, Paypal Ventures, Tiger International, and Coinbase Ventures. The financing additionally pushes Layerzero Labs to unicorn standing, as the newest capital injection brings the corporate’s general valuation to $1 billion.

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“This spherical is an enormous step ahead for Layerzero Labs and the unfolding interoperability panorama,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino stated in an announcement. “We’ve introduced a number of the greatest and most properly revered entities on the earth collectively to accomplish the identical aim: create the generic messaging layer that underpins all interoperability between blockchains,” Pellegrino added in the course of the announcement.

Only in the near past, the startup launched Stargate Finance, a cross-chain liquidity switch protocol that makes use of Layerzero’s generic messaging know-how. Layerzero Labs says that after the launch, Stargate “surpassed $3.4 billion in property secured, and Stargate has despatched over $264 million in transfers over Layerzero.” Stargate is interoperable with seven blockchains which embrace Arbitrum, Optimism, Binance Sensible Chain (BSC), Ethereum, Avalanche, Fantom, and Polygon.

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