The Series B round saw 33 investors participating, including a16z crypto, Circle Ventures, Sequoia Capital, OpenSea, Samsung Next, Christie’s and BOND. The round was raised for “purely strategic alignment,” Pellegrino said - meaning they didn’t really need the money. By the end of this year, I’m extremely confident that we’ll have single months, if not single weeks, where there’s a million messages.” It took the protocol about 7.5 months to hit 1 million messages then it took 2.5 months to hit the next million messages, Pellegrino said. Since launching about a year ago, “hundreds of thousands of unique users” have used the protocol, Pellegrino said.
The platform has secured over $7 billion in total value locked and processed over $6 billion in transactional volume, the startup said. The protocol is used by on-chain applications like decentralized exchanges, including the likes of PancakeSwap, Sushiswap, Trader Joe and Uniswap. LayerZero connects over 30 mainnet blockchains, including two non-Ethereum Virtual Machines (EVMs), Aptos and Solana, Pellegrino noted. “It’s pure arbitrary data it’s like internet-packaged messaging between computers, not like instant messaging,” Bryan Pellegrino, CEO and co-founder of LayerZero Labs, told TechCrunch. Unlike Web 2.0 messaging platforms like WhatsApp and Telegram, this messaging protocol lets users send different types of messages between blockchains, like cross-chain interactions, eliminating the need for intermediaries. LayerZero Labs, a web3 messaging protocol, has closed a $120 million Series B round, raising its valuation to $3 billion from $1 billion, the company said on Tuesday.
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