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Alternative Assets  + Blockchain  + Crypto  | 
Messaging Protocol LayerZero Snags $120M in Latest Round, Hits $3B Valuation

Messaging Protocol LayerZero Snags $120M in Latest Round, Hits $3B Valuation

LayerZero Labs closed its Series B funding, raising $120 million from a host of notable investors and giving the messaging protocol a massive $3 billion valuation, tripling from its $135 million round in March 2022.

Auction house Christie’s, Samsung’s next-gen investment arm, NFT platform OpenSea, Circle Ventures and a16z’s crypto branch were some of the 33 investors who participated in the latest round.

Vancouver, British Columbia-based LayerZero offers interoperability and cross-chain messaging infrastructure that allow decentralized application developers to reach multiple blockchains without the need for a middleman to facilitate the cross-chain interactions.

“Before the advent of the internet, computers existed in fragmented and disconnected data centers, much like many blockchains today. LayerZero is revolutionizing blockchains by creating one unified ecosystem, like the internet, that connects each blockchain’s developers and user community,” said Ryan Zarick, Co-Founder and CTO of LayerZero Labs

The startup emerged from stealth in September 2021 with a $6 million funding round. The protocol has since facilitated over two million messages relayed across more than 30 chains and has secured over $7 billion in total value locked, according to the company.

LayerZero is used by a number of on-chain applications, including decentralized exchanges PancakeSwap, SushiSwap, TraderJoe and Uniswap.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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