Coindesk Logo

Crypto Protocol LayerZero Raises $120M at $3B Valuation

Crypto Protocol LayerZero Raises $120M at $3B Valuation

Crypto Protocol LayerZero Raises $120M at $3B Valuation

The valuation is triple the level of the firm's previous funding round in March 2022.

The valuation is triple the level of the firm's previous funding round in March 2022.

The valuation is triple the level of the firm's previous funding round in March 2022.

AccessTimeIconApr 4, 2023, 1:00 PM
Updated May 9, 2023, 4:11 AM
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain infrastructure provider LayerZero Labs has raised $120 million in a Series B funding round at a valuation of $3 billion, tripling its valuation from its $135 million round in March 2022.

Investors in the latest round included the crypto arm of noted investment firm Andreessen Horowitz, auction house Christie’s, Sequoia Capital and Samsung Next. The round had 33 total backers, including BOND, Circle Ventures and OpenSea Ventures.

The capital will go toward growth initiatives, including hiring and expanding the company’s presence in the Asia-Pacific region.

The funding round is a rare nine-figure deal during a crypto bear market that has seen investments in the industry slow to a glacial pace, though infrastructure-focused projects have proven the most resilient.

Vancouver, British Columbia-based LayerZero offers interoperability and cross-chain messaging infrastructure that allow decentralized application developers to reach multiple blockchains without the need for a middleman to facilitate the cross-chain interactions.

“LayerZero is to blockchains what the internet was to computing clusters. LayerZero allows chains not only to build bridges (to transfer assets / value between them) but send and execute arbitrary data just like a packet on the internet,” Bryan Pellegrino, co-founder and CEO of LayerZero Labs, said in an email to CoinDesk. “What this means is that you can now build applications that are orders of magnitude more complex than existing applications and do so with a completely seamless experience between chains.”

LayerZero emerged from stealth in September 2021 with a $6 million funding round. The protocol has since facilitated over two million messages relayed across more than 30 chains and has secured over $7 billion in total value locked , according to the company. LayerZero is used by a number of on-chain applications, including decentralized exchanges PancakeSwap, SushiSwap, TraderJoe and Uniswap.

“I think for us more than the money it really was just about aligning ourselves with an amazing group of partners, we had very specific goals for who we wanted to include with this fundraise and what our goals were, and we accomplished everything we were looking for,” Pellegrino said.

Update (UTC 13:27): Update corrects LayerZero's location from New York to Vancouver.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.