Markets, LayerZero, A16z crypto The enterprise capital agency’s ZRO acquisition follows earlier investments within the protocol.
Interoperability protocol LayerZero’s native token (ZRO) surged Thursday on information that enterprise capital agency Andreessen Horowitz’s (a16z) crypto arm elevated its funding within the undertaking.
The firm acquired extra $55 million ZRO tokens committing to a 3-year lock-up interval, basic companion Ali Yahya mentioned in an X post. A16z has been an early backer of the protocol’s growth agency LayerZero Labs, participating within the staff’s $135 million collection A fundraising spherical in 2022 and the next $120 million collection B spherical in 2023.
ZRO superior 10% to $2.56 following the announcement earlier than shedding a few of the good points. The token was just lately up round 5% through the day, outperforming the broad-market CoinDesk 20 Index and bitcoin (BTC) good points.
LayerZero is a key piece of infrastructure that enables communication between remoted blockchains with cross-chain messages. The protocol underpins 125 blockchains, has facilitated over 145 million cross-chain messages and $75 billion in worth transfers. Its tech helps initiatives comparable to PayPal’s stablecoin, DeFi protocols Ethena and Pendle, and was chosen as an issuance companion for Wyoming’s stablecoin project.
The funding will assist the protocol broaden past interoperability to token issuance, information administration, governance and bettering databases, in keeping with an e mail.
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