LayerZero Labs, the developer behind the innovative blockchain interoperability protocol, LayerZero, has recently reached an impressive $3 billion valuation in a $120 million Series B funding round. With investors including a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, and Christie's, LayerZero is well on its way to transforming the blockchain landscape. In this article, we'll delve into the details of LayerZero's successful funding round and explore the company's ambitious expansion plans into the Asia-Pacific region and gaming sector.
Rapid Growth and Series B Funding Round
LayerZero's recent Series B funding round saw participation from 33 investors, with no lead investor. This approach differs from its previous $135 million Series A round in March 2022, which was co-led by a16z Crypto, Sequoia Capital, and FTX Ventures. The success of these funding rounds has led to a staggering tripling of LayerZero's valuation in just over a year.
The funding was raised with the intention of supporting LayerZero's growth plans, as the company did not actually need the capital, according to CEO Bryan Pellegrino. He stated that one of the main goals this year is to push significantly into the Asia-Pacific region and the gaming sector.
Asia-Pacific and Gaming Expansion
LayerZero is a groundbreaking blockchain interoperability protocol that enables users to send tokens across different blockchains in a single transaction. It offers a more efficient alternative to blockchain bridges, which typically require multiple transactions to complete token transfers.
Since its launch last year, LayerZero has witnessed massive adoption. Pellegrino reported that the protocol's total value locked has surpassed $7 billion, and its transactional volume has exceeded $6 billion. Top decentralized finance (DeFi) protocols such as Uniswap, SushiSwap, and PancakeSwap have integrated LayerZero for cross-chain transactions, further solidifying its position in the blockchain space.
LayerZero also supports non-fungible token (NFT) transfers through its Omnichain Non-Fungible Tokens (ONFT) standard. Earlier this year, Ethereum-based NFT collection Pudgy Penguins partnered with LayerZero to enable cross-chain transactions. Additionally, blockchain play-to-earn game DeFi Kingdoms integrated LayerZero in December. Pellegrino emphasized the company's ambitions to have a strong presence in the gaming industry, stating, "We want to work directly with gaming studios."
To facilitate this expansion, LayerZero plans to increase its current headcount of over 40 people to around 70 by the end of the year, with hires across various functions, including marketing.
Conclusion
LayerZero's Series B round brings its total funding to $263 million, with all rounds featuring the same equity plus token warrants structure. Although CEO Pellegrino declined to comment on the token launch timeline, it's clear that LayerZero is making significant strides in the blockchain space.
With its focus on expanding into the Asia-Pacific region and the gaming sector, LayerZero is poised to revolutionize the way users send tokens and interact with NFTs across multiple blockchains. As the company continues to grow and build partnerships, it will be exciting to watch LayerZero's impact on the world of blockchain and gaming.
Juliette Twain: Jun 19, 2023 11:48:10 AM
