Messaging protocol LayerZero nets $120m for Asia expansion

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LayerZero Labs, the team behind a leading crypto messaging protocol, LayerZero, is gearing up for expansion to Asia Pacific after raising US$120 million in a series B funding round.

This cash injection has boosted the firm’s valuation to US$3 billion, according to a press release.

LayerZero is a messaging protocol that enables interoperability and facilitates cross-chain messaging across various blockchains. It has deployed over 30,000 contracts on its testnet and 3,500 on its mainnet, with more than 10,000 unique applications.

Co-founder Ryan Zarick said that LayerZero Labs aims to build a platform 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.

In a statement to Tech In Asia, the firm said its Asia-focused agenda includes cultivating deeper ties with developer and consumer communities, particularly in countries like South Korea, Japan, Hong Kong, and Singapore, as well as the rest of Southeast Asia.

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LayerZero Labs currently has 42 employees and plans to increase its headcount, with 20% to 30% expected to be from Asia Pacific.

The company told Tech in Asia that it has had “tremendous success” with existing games on top of LayerZero and aims to be a central part of the high-growth gaming industry in the region.

LayerZero is used by on-chain applications including decentralized exchanges such as PancakeSwap, SushiSwap, Trader Joe, and Uniswap.