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To strengthen the blockchain game area
Blockchain interoperability startup LayerZero Labs has raised about ¥15.8 billion ($120 million) in a Series B round.
connection: What is Blockchain Interoperability Protocol “LayerZero”?
According to the company’s announcement on the 4th, a16z, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea, Christie’s and others participated in this round of funding. According to a source from crypto asset (virtual currency) media “The Block”, the funding so far has been done with a contract to receive stocks and token reservation tickets.
— LayerZero Labs (@LayerZero_Labs) April 4, 2023
What is interoperability
Blockchain interoperability is the connection of different blockchains. In English, it is expressed as “interoperability”.
Cryptocurrency Glossary
Details of the Series B funding have not yet been announced by LayerZero Labs, but overseas media have reported them all at once. The capital increase brings the company’s valuation to about 395 billion yen ($3 billion).
The investor in the above tweet was announced by the company. In about a year, LayerZero Labs’ valuation has tripled, following a $100 million Series A+ round that the company announced in a press release last March.
connection: Approximately 16.5 billion yen raised from Blockchain compatible development LayerZero, a16z and Sequoia
According to The Block, co-founder Bryan Pellegrino commented that the company would like to strengthen its business in the gaming area this year. Geographically, he also explained that the company will increase its workforce in the Asia-Pacific region.
connection: Benefits of Playing Blockchain Games and the Future of Autonomous Decentralization | Abandoned Cats
Pellegrino did not comment on plans to launch the token. The company’s total funding up to Series B is said to have been about 34.6 billion yen ($260 million).
The STG token of the bridge protocol Stargate, developed by LayerZero, has skyrocketed following the funding announcement.
protocol growth
LayerZero Labs has developed a protocol “LayerZero” to realize blockchain interoperability. So far, I have been invited to “GM Radio” distributed by CoinPost Global, the global version of CoinPost. The company has been invited for the third time today on the 5th broadcast and is the most participating project on GM Radio.
connection: “GM Radio” Next time, “CoreDAO” that utilizes BTC and ETH technology will participate
According to Pellegrino, the protocol has been widely used since its launch last year, and the total value of cryptocurrencies locked for operation on the protocol, “TVL (Total Value Locked),” is about 922 billion yen ($7 billion). to super). In addition, the trading volume exceeded about 790 billion yen ($6 billion).
In DeFi (decentralized finance), Uniswap, SushiSwap, PancakeSwap, etc. support LayerZero. Pellegrino explained that he wants to increase his presence in the gaming area to the same level as the DeFi area this year.
connection: What is DeFi (decentralized finance) | A thorough explanation of the advantages and disadvantages that even beginners can understand
The post Blockchain compatible developer LayerZero raises $150 million in Series B appeared first on Our Bitcoin News.
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