CANADA – LayerZero Labs, a Vancouver, Canada-based provider of omnichain crypto networks, raised $135M in funding.
The round, which valued the company at $1 billion, was co-led by Sequoia, FTX Ventures and Andreessen Horowitz, with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more.The company intends to use the funds to accelerate the development of cross-chain decentralized applications (dApps) powered by LayerZero, a decentralized omnichain interoperability protocol.Led by Bryan Pellegrino, CEO and co-founder, and Ryan Zarick, CTO and co-founder, LayerZero Labs is an omnichain interoperability protocol that allows dApps to build across multiple blockchains in an efficient manner. The app connects dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dapps into omnichain-applications using a single 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 enables cross-chain liquidity transfer in native assets, with unified liquidity and instant guarantee of finality. 31/03/2022
