The $135M funding was raised by LayerZero Labs, a Vancouver-based provider of omnichannel cryptocurrency networks,
The company was valued at $1 billion by Sequoia and FTX Ventures. Other participants included Coinbase Ventures (Paypal Ventures), Tiger Global, Uniswap Labs and others.
The company plans to use the funds for cross-chain decentralized apps (dApps), which will be powered by LayerZero. LayerZero allows for decentralized interoperability protocols.
Bryan Pellegrino, the CEO and cofounder, and Ryan Zarick CTO, co-founder, LayerZeroLabs is an omnichannel Interoperability Protocol that allows dApps to build across multiple Blockchains efficiently. This app allows dApps to connect across chains using on-chain Ultra Light Nodes. These nodes have the security and cost-efficiency of a middle chain, but offer the same level of security. The protocol allows developers to turn their dapps and create omnichannel applications with one interface.
Following the beta launch of LayerZero, the team recently launched Stargate, a cross-chain liquidity transfer protocol built on LayerZero’s generic messaging. Stargate allows cross-chain liquidity transfer of native assets with unified liquidity, and an instant guarantee for finality.