LayerZero cross-chain messaging protocol raises another $120 million to further development efforts.
LayerZero Labs is best known for its cross-chain messaging protocol, LayerZero, which is often used to create asset bridges between blockchain networks. It is also the developer of the Stargate multi-chain bridge.
With the completion of this fundraising round, the company now has a $3 billion valuation. Over 33 investors participated in the latest funding round, including Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie's, OpenSea Ventures, and Samsung Next.
Imagine a future where a single user-facing application can harness the speed of Solana, the security of Ethereum, and the cheap file storage of Arweave, while also being fully abstracted to the user. He continued,"This is our vision, made possible by the LayerZero protocol that seamlessly connects all blockchains and enables chain-agnostic applications to be built across various blockchains to create a best-in-class user experience. The days of choosing one chain to build on are over; the future is omnichain applications."
The issue of securing cross-chain messages has become acute in recent years, as more than $3 billion wasfrom blockchain bridges in 2022, according to a report from Chainanalysis. LayerZero has attempted to solve this problem by using a relayer and oracle to secure messages, where a message is only confirmed if both the relayer and oracle agree that it is valid.
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