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LayerZero raises $120M to expand cross-chain messaging efforts

Altszn.com by Altszn.com
April 4, 2023
in Solana
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LayerZero raises $120M to expand cross-chain messaging efforts
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Cross-chain messaging protocol developer LayerZero Labs has raised another $120 million, according to an Apr. 4 announcement. The company plans to use the capital to increase its headcount and expand its reach into the Asia-Pacific region. The company had previously raised $135 million in March 2022.

LayerZero Labs is best known for its cross-chain messaging protocol, LayerZero, which is often used to create asset bridges between blockchain networks. It is also the developer of the Stargate multi-chain bridge.

With the completion of this fundraising round, the company now has a $3 billion valuation. Over 33 investors participated in the latest funding round, including Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie’s, OpenSea Ventures, and Samsung Next.

Related: Uniswap DAO debate shows devs still struggle to secure cross-chain bridges

Ryan Zarick, co-Founder and CTO of LayerZero Labs, said the new fundraise will help to create a multi-chain environment where applications can make the best use of each network’s unique benefits:

Imagine a future where a single user-facing application can harness the speed of Solana, the security of Ethereum, and the cheap file storage of Arweave, while also being fully abstracted to the user.

He continued, “This is our vision, made possible by the LayerZero protocol that seamlessly connects all blockchains and enables chain-agnostic applications to be built across various blockchains to create a best-in-class user experience. The days of choosing one chain to build on are over; the future is omnichain applications.”

The issue of securing cross-chain messages has become acute in recent years, as more than $3 billion was stolen from blockchain bridges in 2022, according to a report from Chainanalysis. LayerZero has attempted to solve this problem by using a relayer and oracle to secure messages, where a message is only confirmed if both the relayer and oracle agree that it is valid.

On January 31, LayerZero received 37.58% of the vote to become Uniswap’s bridge protocol for cross-chain governance between Ethereum and BNB Chain, coming in second behind Wormhole. On March 30, Gnosis announced that LayerZero would integrate with its multi-bridge platform, Hashi, to further increase the security of blockchain bridges.