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Finance

A16z, FTX and Sequoia Lead $135M Round for LayerZero at $1B Valuation

The blockchain interoperability protocol first emerged from stealth last September.

By Brandy Betz
AccessTimeIconMar 30, 2022 at 5:42 p.m. UTC
Updated May 11, 2023 at 5:59 p.m. UTC
Umee aims to be a hub for cross-chain DeFi.

Umee aims to be a hub for cross-chain DeFi. (Akinori UEMURA/Unsplash)

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CORRECTION (March 30, 19:28 UTC): A previous version of this story incorrectly stated that the amount of money raised was $155 million.

LayerZero, a startup addressing the problem of interoperability between blockchains, has raised $135 million at a $1 billion valuation in a round co-led by Andreessen Horowitz (a16z), the venture capital arm of crypto exchange giant FTX and Sequoia Capital, the company announced Wednesday.

  • Other backers in the Series A extension round included Coinbase (COIN) Ventures, PayPal (PYPL) Ventures, Tiger Global and Uniswap Labs.
  • LayerZero offers a protocol that unites decentralized applications (dapps) across multiple, disparate blockchains.
  • The startup recently launched Stargate, a cross-chain liquidity transfer protocol.
  • LayerZero announced a $6 million Series A round co-led by Multicoin Capital and Binance Labs last September as the company came out of stealth.
  • “By unlocking cross-chain composability, LayerZero is enabling developers to build decentralized applications that simply weren't possible before," said Ali Yahya, general partner at Andreessen Horowitz, in the press release.

Read more: A16z Alum Katie Haun Raises $1.5B for 2 New Crypto Venture Funds


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Brandy Betz
Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz on Twitter

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