LayerZero Receives Series B Funding from Samsung and Christie’s
Investor Confidence Drives Growth
Notable investors in the funding round included a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s, with a total of 33 investors participating. In contrast to the Series A round in March 2022, which was co-led by a16z Crypto, Sequoia Capital, and FTX Ventures, there was no lead investor in the Series B round.
— LayerZero Labs (@LayerZero_Labs) April 4, 2023
LayerZero’s valuation has skyrocketed, tripling from $1 billion to $3 billion in just over a year. Despite not requiring the capital, the funds raised will support LayerZero’s growth plans, with a focus on expanding into the Asia-Pacific region and the gaming sector.
APAC and Gaming Expansion: A New Frontier
LayerZero’s blockchain interoperability protocol allows users to send tokens across different blockchains in a single transaction, a more efficient alternative to traditional blockchain bridges. Since its launch, LayerZero has experienced rapid adoption, boasting a total value locked of over $7 billion and transactional volume exceeding $6 billion.
Top DeFi protocols, such as Uniswap, SushiSwap, and PancakeSwap, have integrated LayerZero for cross-chain transactions. The protocol also supports NFT transfers through its Omnichain Non-Fungible Tokens (ONFT) standard.
Collaboration with Gaming Studios and NFT Collections
LayerZero has already partnered with Ethereum-based NFT collection Pudgy Penguins and play-to-earn game DeFi Kingdoms to enable cross-chain transactions. LayerZero aims to establish a strong presence in the gaming industry by working directly with gaming studios.
Expanding the Team to Support Growth
To achieve its ambitious goals, LayerZero plans to increase its team from over 40 employees to around 70 by the end of the year, hiring across various functions, including marketing.
The Series B round brings LayerZero Labs’ total funding to $263 million. All funding rounds have utilized the same structure of SAFE (Simple Agreement for Future Equity) plus token warrants. LayerZero’s token launch timeline remains undisclosed.
FAQ
What is LayerZero Labs?
LayerZero Labs is the developer of LayerZero, a blockchain interoperability protocol that enables users to send tokens across different blockchains in a single transaction.
What is LayerZero’s valuation?
LayerZero’s valuation has reached $3 billion following a successful Series B funding round, which raised $120 million.
What are LayerZero’s expansion plans?
LayerZero aims to expand into the Asia-Pacific region and the gaming sector, working directly with gaming studios and integrating its protocol into various DeFi projects and NFT collections.
Who are the investors in LayerZero’s Series B round?
Notable investors include a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie’s, with a total of 33 investors participating.
How much funding has LayerZero Labs raised in total?
LayerZero Labs has raised a total of $263 million across all funding rounds.
How does LayerZero’s blockchain interoperability protocol work?
LayerZero allows users to send tokens across different blockchains in a single transaction, making it more efficient than traditional blockchain bridges.
What industries is LayerZero targeting for expansion?
LayerZero is targeting the gaming industry and the Asia-Pacific region, aiming to establish a strong presence and collaborate with gaming studios.
