LayerZero, an interoperability protocol that connects disparate blockchain, has announced that it has raised $6.3M in a Series A round co-led by Binance Labs and Multicoin Capital.
The funding round was also supported by investors including Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, Gen Block Capital, and Echelon Capital.
As per the announcement, the fresh capital will be used to further develop LayerZero’s endpoints across the ecosystem and drive the adoption of the protocol.
Chase Guo, Investment Director at Binance Labs, said in a comment that Binance Labs views the future crypto space as a multi-chain universe with a strong demand for lightweight and secure interoperability solutions and that is the future that it sees in LayerZero and why it fully supports its project.
The project previously raised $2M in a series seed which has brought its total financing to date to $8.3M. The project is currently under audit and is expected to launch in early Q4 2021.
LayerZero plans to support Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism at launch later this year while support for more EVM chains and non-EVM chains will be added in the coming months.
Kyle Samani, Managing Partner, Multicoin Capital, said that LayerZero has facilitated the first omnichain applications and made it easy for lending, AMMs, and governance to become truly chain agnostic. Dapp developers no longer have to write chain-specific code; rather, they can just use LayerZero to develop one interface that sends messages to all chains.
“DeFi applications have spread out and deployed across multiple chains due to high fees and evolving investors preferences. This has led to severe fragmentation across the market. LayerZero solves this problem by uniting liquidity across chains and making it possible to transact in, out, and across disparate networks with ease,” said Bryan Pellegrino, co-founder of LayerZero.
