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Jafrin Ahmed
Mar 31, 2022
by Jafrin Ahmed

Crypto Firm LayerZero Labs Hits Unicorn Status With $135M Raise

layerzero unicorn
Omnichain interoperability protocol LayerZero Labs Inc. is the latest crypto company to hit unicorn status after raising $135 million in new funding round at a $1 billion valuation.

LayerZero Labs Hits Unicorn Status

LayerZero Labs’s $135 million funding round was led by notable venture groups and investors such as Sequoia Capital, FTX Ventures, Andreessen Horowitz with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, Dapper Labs, imToken, CoinFund, Polygon, Zokyo, and Gemini among others.

Bryan Pellegrino, co-founder and CEO at LayerZero later tweeted that NFL hero Tom Brady including pop sensation Justin Timberlake also took part in the financing round. With the new funding, LayerZero is now valued at $1 billion.

The company previously received $6 million in a Series A round in September 2021 and a $2 million seed round in April of last year.

“This round is a massive step forward for LayerZero Labs and the unfolding interoperability landscape. 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,” said Bryan Pellegrino, CEO and co-founder, LayerZero Labs.

Omnichain Interoperability Protocol

LayerZero is an omnichain interoperability protocol that allows dApps to build across multiple blockchains using gas-efficient, non-upgradable smart contracts.

After launching LayerZero into beta, the company recently launched Stargate, a cross-chain liquidity transfer protocol built on LayerZero. Ten days after launching, Stargate has surpassed $3.4 billion in assets secured and Stargate users have sent over $264 million in transfers over LayerZero.

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Crypto Firm LayerZero Labs Hits Unicorn Status With $135M Raise
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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