Lowenstein represented LayerZero Labs Ltd., a provider of omnichain crypto networks, in its $135 million Series A round. The round, which valued the company at $1 billion, was co-led by Sequoia, FTX Ventures and Andreessen Horowitz, with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more.
The funding will be used to accelerate the development of LayerZero Labs’ cross-chain decentralized applications (dApps), which enable messages to be sent between blockchains.
LayerZero Labs, a decentralized omnichain interoperability protocol, allows dApps to build across multiple blockchains efficiently, with the app connecting dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dApps into omnichain applications using a single interface.
LayerZero Labs recently launched Stargate, a cross-chain liquidity transfer protocol built on the protocol’s generic messaging that enables cross-chain liquidity transfer in native assets, with unified liquidity and instant guarantee of finality. Stargate currently has a market capitalization of $3 billion and has sent over $264 million in transfer in less than two weeks post-launch.
Currently operating in a beta version, LayerZero Labs supports seven networks, including Ethereum, Avalanche and Fantom, and is set to add more applications within the coming weeks.
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