LayerZero Labs, a provider of blockchain infrastructure, has successfully raised $120 million in a Series B funding round, achieving a $3 billion valuation.
This marks a significant increase from the company’s previous valuation of $135 million in March 2022.
Among the investors were Andreessen Horowitz’s crypto arm, Christie’s auction house, Sequoia Capital, and Samsung Next, alongside 29 others such as Circle Ventures, OpenSea Ventures, and BOND.
The funds raised will be used to support the company’s expansion efforts, including hiring and expanding its presence in the Asia-Pacific region.
This is a notable accomplishment in the current bear market for cryptocurrencies, which has seen a slowdown in investment across the industry.
However, infrastructure-focused projects like LayerZero have shown more resilience. Based in Vancouver, British Columbia, LayerZero provides interoperability and cross-chain messaging infrastructure that enables decentralized application developers to access multiple blockchains without the need for an intermediary to facilitate cross-chain interactions.