Web3 messaging platform LayerZero Labs this week closed a Series B round to the tune of US$120 million.
The sizeable raise builds on LayerZero’s US$135 million round co-led by Sequoia Capital, FTX Ventures, and Andreessen Horowitz in 2022.
Last year’s round pushed the Vancouver-born blockchain startup into Unicorn status; this week’s follow-up values the BC tech firm at $3 billion.
Cofounder Bryan Pellegrino wants to “create the generic messaging layer that underpins all interoperability between blockchains.”
The LayerZero protocol improves upon today’s common Web 2.0 messaging platforms by enabling different types of messages across blockchains.
“It’s pure arbitrary data; it’s like internet-packaged messaging between computers, not like instant messaging,” Pellegrino, CEO, told TechCrunch. “It’s the movement of data.”
“LayerZero unlocks a future of blockchains without borders,” explained chief technology officer Ryan Zarick last year.
According to the cofounder, “Users interact with omni-chain dApps that exist on multiple blockchains” which “seamlessly communicate over LayerZero without the user even realizing it.”
LayerZero launched its service just last year, but Pellegrino informed TC the protocol has been used by “hundreds of thousands of unique users.”
The startup is “rapidly evolving,” according to Pellegrino, who is “extremely confident” in growth for the year ahead.
As for what the company intends to use the funds for, the chief executive said it was less about needing capital and more about “strategic alignment.” The raise saw participation from more than 30 investing entities, including a16z crypto, Circle Ventures, and Samsung Next.
LayerZero Labs was founded by Pellegrino, Zarick, and Caleb Banister in 2021.
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