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

Layerzero Labs, the firm behind the interoperability protocol Layerzero, has revealed the company has raised $135 million in a Series A+ finance round led by Andreessen Horowitz , FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ overall valuation to $1 billion and the funds will be leveraged to develop cross-chain decentralized applications powered by Layerzero.

“This round is a massive step forward for Layerzero Labs and the unfolding interoperability landscape,” the CEO and co-founder of Layerzero Labs, Bryan Pellegrino said in a statement. “We’ve brought some of the best and most well respected entities in the world together to accomplish the same goal: create the generic messaging layer that underpins all interoperability between blockchains,” Pellegrino added during the announcement.

“Composability is a defining characteristic in blockchain technology, which Layerzero enables,” Ramnik Arora, an investor from FTX Ventures explained. “Layerzero allows smart contracts on one chain to seamlessly and securely leverage the network of another chain, increasing the value of the entire blockchain ecosystem. The team is a rare combination of vision and technical execution, and we at FTX are honored to support them this past year.

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