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.
Related: Uniswap DAO debate shows devs still struggle to secure cross-chain bridges
Ryan Zarick, co-Founder and CTO of LayerZero Labs, said the new fundraise will help to create a multi-chain environment where applications can make the best use of each network’s unique benefits:
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 was stolen from 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.
On January 31, LayerZero received 37.58% of the vote to become Uniswap’s bridge protocol for cross-chain governance between Ethereum and BNB Chain, coming in second behind Wormhole. On March 30, Gnosis announced that LayerZero would integrate with its multi-bridge platform, Hashi, to further increase the security of blockchain bridges.
cointelegraph.com
