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A16z, FTX and Sequoia Lead $135M Round for LayerZero at $1B Valuation

The blockchain interoperability protocol first emerged from stealth last September.

Updated May 11, 2023, 5:59 p.m. Published Mar 30, 2022, 5:42 p.m.

Umee aims to be a hub for cross-chain DeFi. (Akinori UEMURA/Unsplash)

CORRECTION (March 30, 19:28 UTC): A previous version of this story incorrectly stated that the amount of money raised was $155 million.

LayerZero, a startup addressing the problem of interoperability between blockchains, has raised $135 million at a $1 billion valuation in a round co-led by Andreessen Horowitz (a16z), the venture capital arm of crypto exchange giant FTX and Sequoia Capital, the company announced Wednesday.

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Other backers in the Series A extension round included Coinbase (COIN) Ventures, PayPal (PYPL) Ventures, Tiger Global and Uniswap Labs.
LayerZero offers a protocol that unites decentralized applications (dapps) across multiple, disparate blockchains.
The startup recently launched Stargate, a cross-chain liquidity transfer protocol.
LayerZero announced a $6 million Series A round co-led by Multicoin Capital and Binance Labs last September as the company came out of stealth.
“By unlocking cross-chain composability, LayerZero is enabling developers to build decentralized applications that simply weren't possible before," said Ali Yahya, general partner at Andreessen Horowitz, in the press release.

A16z Sequoia Capital FTX Fundraising LayerZero

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.