LayerZero crypto protocol raised $120 million at $3 billion valuation

LayerZero is a project whose solutions use the leading DeFi protocols for conducting cross network transactions. It will spend funds to promote in Asia and add to the team

Crypto protocol developer LayerZero has raised $120 million at a valuation of $3 billion, The Block reports. LayerZero Labs developers have closed a Series B funding round. Thirty-three investors participated in this funding round, including a16z Crypto (Andreessen Horowitz), Sequoia Capital, Circle Ventures, Samsung Next, OpenSea and Christie’s.

LayerZero is a protocol for exchanging data between blockchains from different ecosystems. The Series A funding round for the project took place in March 2022. At the time, LayerZero raised $135 million at a valuation of $1 billion.

Leading DeFi protocols such as Uniswap, SushiSwap and PancakeSwap use LayerZero for cross-network transactions. LayerZero Labs co-founder and CEO Brian Pellegrino said. That the company now plans to expand its cooperation with gaming projects and for this purpose will increase the number of employees from 40 to 70.

Also the company will direct the received funds to expand its presence in the Asia Pacific region.

LayerZero is also one of the potential contenders for the release and distribution of their own tokens. The project is often mentioned in topical discussions of possible airdrops on social networks. Commenting on the fundraising, Pellegrino declined to say when his token would launch.

Other Perspective Projects that have not yet launched their token

Our experts note that earlier this spring hardware wallet maker Ledger reported raising funds from investors. As well as the development-oriented artificial intelligence (AI) crypto project Fetch.ai.

Ledger has raised the bulk of the planned €100 million at a valuation of €1.3 billion, and intends to continue fundraising in April. The company will use the money raised to develop its business and expand its distribution network. As well as increasing production and improving its products.

Fetch.ai has received $40 million from the investor, which will be spent on blockchain infrastructure development. It will also be used to create and deploy automated applications using artificial intelligence.

Also on April 4, it became known that Dragonfly Capital invested $10 million in the cryptocurrency derivatives exchange Bitget. The platform will spend them on the development of spot trading, the creation of new profitable products. As well as supporting startups and attracting new users to cryptocurrency industry.

According to CoinGecko, Bitget ranks fifth among derivatives exchanges in terms of open interest (OI) and trading volume. At the same time, the Japanese regulator in March issued a warning to the site for working with Japanese residents without proper registration.