LayerZero Labs – a company that builds protocol to support omnichain DApps to span numerous blockchains – reportedly revealed details of its successfully acquired $135 million of capital injection via fundraising. 

Specifically, the funding round will reportedly help LayerZero Labs reach the $1 billion benchmark in valuation and fast-track the creation of its namesake protocol. 

The fundraising round was reportedly led by a variety of notable venture groups and investors, nominally Sequoia Capital, FTX Ventures, Andreessen Horowitz, and with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more.

LayerZero Labs reportedly seek to work towards a goal of uniting applications such as gaming, non-fungible tokens (NFTs), marketplaces, media apps, etc., to ensure their sufficient eporability throughout multi-chain realms.

Potential new use cases via LayerZero include: decentralized finance applications utilizing trading, borrowing, and lending across multiple blockchains; games and media dApps possessing high-throughput transactions relocated to one blockchain while buying and selling NFTs onto other blockchains with the most liquid markets.

Following the beta introduction of LayerZero, the company reportedly rolled out Stargate – a cross-chain liquidity transfer protocol. Only 10 days after official release, LayerZero claimed that Stargate crossed the $3.4 billion in assets secured, with more than $264 million in transfers supported by LayerZero.

The next stage for the developers will reportedly be completing the integration of the LayerZero protocol with different non-Ethereum Virtual Machine blockchains, nominally Solana (SOL) and Terra (LUNA).

“Users will interact with omnichain dApps that exist on multiple blockchains, which will seamlessly communicate over LayerZero without the user even realizing it.” Ryan Zarick, CTO and co-founder of LayerZero Labs, additionally remarked.