LayerZero’s ZRO Token Rises 10% After $55 Million Investment from a16z
LayerZero's native token (ZRO) rose 10% to $2.56 following news of a $55 million investment from venture capital firm Andreessen Horowitz (a16z), which includes a 3-year lock-up period. This investment builds on a16z's previous support in LayerZero Labs, participating in a $135 million series A round in 2022 and a $120 million series B round in 2023.
- ZRO advanced due to increased investor confidence
- LayerZero enables cross-chain communication across 125 blockchains
- Facilitated over 145 million cross-chain messages
- Managed $75 billion in value transfers
- Supports projects like PayPal's stablecoin and Wyoming's stablecoin initiative
The funds will be used to broaden LayerZero's capabilities in token issuance, data management, governance, and database improvements.