LayerZero raises $120M to expand cross-chain messaging efforts
Cross-chain messaging protocol developer LayerZero Labs has raised another $120 million, according to an Apr. 4 announcement. The company plans to use the capital to increase its headcount and expand its reach into the Asia-Pacific region. The company had previously raised $135 million in March 2022.
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LayerZero Labs is best known for its cross-chain messaging protocol, LayerZero, which is often used to create asset bridges between blockchain networks. It is also the developer of the Stargate multi-chain bridge.
With the completion of this fundraising round, the company now has a $3 billion valuation. Over 33 investors participated in the latest funding round, including Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie's, OpenSea Ventures, and Samsung Next.
Related: Uniswap DAO debate shows devs still struggle to secure cross-chain bridges
Ryan Zarick, co-Founder and CTO of LayerZero Labs, said the new fundraise will help to create a multi-chain environment where applications can make the best use of each network’s unique benefits:
He continued, "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."
The issue of securing cross-chain messages has become acute in recent years, as more than $3 billion was stolen from blockchain bridges in 2022, according to a report from Chainanalysis. LayerZero has attempted to solve this problem by using a relayer and oracle to secure messages, where a message is only confirmed if both
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