Andreessen Horowitz (a16z) has deepened its investment in LayerZero, a cross-chain messaging protocol, with a $55 million purchase of its native token, ZRO.
Andreessen Horowitz (a16z) has deepened its involvement in LayerZero, a cross-chain messaging protocol, with a $55 million purchase of the protocol’s native token, ZRO. The investment, announced by a16z general partner Ali Yahya, comes with a three-year lock-up period.
This builds on a16z’s previous support, including its March 2022 seed round and April 2023 Series B investment, which valued LayerZero at $3 billion.
LayerZero, based in Canada, enables blockchain interoperability, allowing decentralized apps and users to transfer assets and data across networks. The company launched its ZRO token in June and reached a settlement with the FTX estate in January over a previous legal dispute.
LayerZero faces competition from other major protocols including Wormhole, StarGate, and Connext. Wormhole, a rival cross-chain protocol, raised $225 million in 2023.
As demand for chain-agnostic infrastructure grows, platforms like Phantom and Magic Eden are expanding beyond Solana to support multiple blockchains including Ethereum and Bitcoin.
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