LayerZero, a framework for interoperability, invested $135 million in a Series A+ round headed by Sequoia Capital, a16z, and FTX Ventures. According to Forbes, the Canadian corporation is worth $1 billion.
“We had faith in a cross-chain future, but the technology to allow it was insufficient—until we discovered LayerZero,” Sequoia partner Michelle Bailhe said to the reporting agency.
Other investors in the Series A+ round include Coinbase Ventures, PayPal Ventures, Tiger Global, and Uniswap Labs.
LayerZero just released Stargate, a cross-chain framework that allows users to exchange tokens across seven blockchains: Ethereum, Avalanche, Polygon, BSC, Fantom, Arbitrum, and Optimism. According to the report, it intends to extend to Solana and Terra in the next few weeks.
In an attempt to build liquidity, the protocol announced earlier this month that it will auction off 10% of its stargate token supply.
In a Medium post, the Stargate team claimed that the protocol solved “the bridging trilemma,” which means that it has unified liquidity pools between chains, instant assured finality of transactions, and the utilisation of native assets for cross-chain swaps.
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LayerZero is all set for its new cross-chain protocol, Stargate
