LayerZero Labs has secured backing from major financial players including Citadel, Ark Invest and Tether as it launches a new blockchain called Zero. Ark also took an equity stake in the Vancouver-founded firm. LayerZero said Zero will process transactions 500 times faster than Solana and 100,000 times faster than Ethereum.
The company previously raised US$120 million at a US$3-billion valuation in 2023. Depository Trust & Clearing Corporation, Google Cloud and Intercontinental Exchange are collaborating on the project.
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