Crypto Funding: LayerZero Makes Big Splash in $251M Week
Governance protocol M^Zero Labs picked up $22.5 million of its own as well
StockStyle/Shutterstock modified by Blockworks
Crypto startup fundraising ticked upward this week, with 18 different companies raking in approximately $251 million total — a modest increase from last week’s $227 million.
LayerZero, a cross-chain interoperability protocol, raised $120 million in its Series B round, securing the largest raise of the group by far and acquiring a $3 billion valuation. Investors in this messaging protocol for decentralized applications (dapps) included a16z, Christie’s, Sequoia Capital and OpenSea Ventures, just to name a few.
LayerZero’s multibillion-dollar valuation comes after crypto hardware wallet maker Ledger was said to be valued at $1.4 billion after its capital raise last week.
Blockworks previously reported that LayerZero has its eyes on the gaming industry, where cross-chain messaging is becoming integral in the distribution of digital assets players win while playing.
A focus on permissionless token creation
Shifting over to digital currency, M^Zero Labs announced it had raised $22.5 million in a seed round. The lead investor was Pantera Capital with Road Capital, AirTree Ventures and others kicking in funds as well.
M^Zero intends to serve as a way to “permissionlessly mint currencies under decentralized governance,” according to its website.
Luca Prosperi, founder and CEO of M^Zero Labs, posted a thread on Twitter, explaining that his product will be a “neutral financial infrastructure” on top of Ethereum.
Prosperi told Blockworks his aim is to launch M^Zero by the end of the year.
Other notable funding rounds this week
- RACA, a Web3 gaming ecosystem, raised $30 million for an expansion, $16 million of which came from DWF Labs.
- SwissBorg, a European crypto investing platform, raised $23 million in its Series A round from thousands of investors.
- Cryptocurrency exchange Bitget secured $10 million from Dragonfly Capital.
- Unstoppable DeFi raised 2,050 ETH, or about $3.8 million, through the launch of their new token UND.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
