Crypto Industry Sees Surge in Funding with LayerZero and M^Zero Labs at the Helm
This week saw an increase in fundraising for startups in the cryptocurrency industry.
A total of 18 companies raised around $251 million, slightly up from last week’s $227 million.
One of the largest raises was by LayerZero, a protocol for cross-chain interoperability, which secured $120 million in its Series B round.
This garnered the company a valuation of $3 billion, with notable investors including a16z, Christie’s, Sequoia Capital, and OpenSea Ventures.
LayerZero is focused on messaging protocols for decentralized applications and has expressed interest in the gaming industry, where cross-chain messaging is becoming increasingly important for distributing digital assets.
READ MORE: dYdX Announces Exit from Canadian Crypto Market
M^Zero Labs also announced a seed round of $22.5 million led by Pantera Capital, with additional funds from Road Capital and AirTree Ventures, among others.
The company’s website states its intention to provide a decentralized governance platform for permissionless token creation.
Founder and CEO Luca Prosperi described the product as a “neutral financial infrastructure” built on top of Ethereum in a Twitter thread.
7/🧵 WE BELIEVE IN A FUTURE WHERE:
> Infrastructure is transparent, mutually maintained, and non-redundant
> Resources are used to develop sophisticated solutions/ front-ends rather than wasted in building prop back-ends
> Rent-seeking behaviours are minimized pic.twitter.com/NziQRTRSwx
— Luca Prosperi (@LucaProsperi) April 7, 2023
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
