Interoperability Protocol Asset Surges After a16z Acquires $55,000,000 Worth of the Project’s Native Asset
Andreessen Horowitz Invests $55 Million in LayerZero’s ZRO Token
An under-the-radar altcoin experienced a modest price increase on Thursday following the announcement of a $55 million investment by venture capital giant Andreessen Horowitz (a16z) in the token.
Ali Yahya, a general partner at a16z crypto, revealed the investment in ZRO, the native token of the omnichain interoperability protocol LayerZero.
LayerZero’s goal is to facilitate data transfer across blockchains and support uncensored messaging and permissionless development through immutable smart contracts. Yahya mentioned that the a16z investment comes with a three-year lockup period.
Prior to the announcement, ZRO was trading at around $2.33 and quickly surged to a high of $2.54 within 90 minutes. Currently, the 208th-ranked crypto asset by market cap is trading at $2.46, showing a 2.5% increase over the past 24 hours.
Comparatively, the overall crypto market cap has decreased by more than 1% in the same timeframe.
Earlier this week, the on-chain perpetual exchange GMX announced that LayerZero would be the preferred messaging infrastructure provider for its multichain expansion. Additionally, the XDC Network, a layer-1 blockchain, recently integrated with LayerZero for omnichain capabilities.
XDC stated, “This integration links the XDC Network to over 125+ LayerZero-supported blockchains, allowing developers and businesses to create omnichain applications that interact across networks with increased trust, speed, and efficiency.”
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Image credit: Midjourney
