LayerZero Labs, the company behind LayerZero, has just raised $120 million in a Series B financing round. Big names in the ecosystem have participated, such as Circle Ventures, a16z and Sequoia Capital. This brings LayerZero’s valuation to $3 billion.
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LayerZero valued at $3 billion
LayerZero Labsthe parent company of smart contracts interoperability protocol LayerZero announced that it has successfully completed a new fundraising of 120 million dollars. This allows the company to triple its valuation in the space of a year, a remarkable performance during a bear market.
This new capital injection comes on top of the $135 million raised in March 2022 and brings LayerZero’s valuation to $3 billion. As a reminder, the Series A funding round was $6.3 million and the seed was $2 million.
This Series B financing round saw the participation of big names in investment such as a16z and Sequoia Capital. New investors also contributed, such as BOND, Christie’s, Samsung Next and Circle Ventures. Here is the full list:
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— LayerZero Labs (@LayerZero_Labs) April 4, 2023
In short, LayerZero is an interoperability protocol between blockchains with a totally innovative approach. It offers a robust infrastructure on which many types of cross-chain applications can be developed. Thus, it brings a solid junction between various blockchains evolving separately until now.
👉 Understand everything about LayerZero, the new generation foundation of blockchain interoperability
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Develop video games with LayerZero
According to recent statements by Bryan Pellegrino, co-founder and CEO of LayerZero Labs, this fundraising will expand the teams in the Asia-Pacific region. In addition, while the bulk of LayerZero’s investments have so far focused on the development of decentralized finance (DeFi), the focus will now be on the field of video games.
The majority of games developed for Web3 run on different blockchains. However, the objects contained in the game (equipment, skins, etc.) are mostly stored on Ethereumexplained Pellegrino, who clarifies that “that’s where all the liquidity is.”
The will of LayerZero Labs is to build this infrastructure allowing video game studios to develop their game on the blockchain of their choice and store all the digital assets that players can harvest, buy or sell elsewhere.
👉 On the same theme: The president of Animoca Brands bets on gaming in 2023
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A LayerZero airdrop?
LayerZero is among the most watched protocols by investors looking for airdrop. As a reminder, an airdrop corresponds to the fact that a protocol, a blockchain or any project decides to launch its own token and distribute it for free to its so-called “early” users.
For the project team, this is a way to quickly obtain significant capitalization on the token and offer it greater exposure. For the investor, this allows build a larger portfolio. Indeed, some airdrops reached large amounts ($10,000 with ParaSwap, $15,000 with Uniswap, $20,000 with dYdX, $5,000 with Aptos, etc.).
Among the strategies for make yourself eligible for LayerZero’s potential airdrop, we find the use of the Stargate Finance protocol. It is advisable, for example, to lock STGs and participate in the governance of the protocol on a regular basis.
Nevertheless, Pellegrino was asked about the matter and brought a response that should upset some investors. About a possible airdrop, he replied ” Not now “adding that “ This fundraising is strictly for the expansion of the company”.
👉 To go further: The TOP 5 airdrops to watch in February 2023
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Lilian Aliaga
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