LayerZero

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.

Want to know more? Check out the source code on The Block.

At Web Summit Vancouver, LayerZero CEO Bryan Pellegrino recounted his company’s rapid ascent—from startup to $3.2B valuation in just 18 months. Rooted in conviction, rigorous preparation, and in-person collaboration, the company’s success stems from a decade of teamwork among co-founders.

Pellegrino emphasized strategic restraint in fundraising, citing investor demand as a key driver. Eight term sheets in eight days led to backing from Sequoia and Andreessen Horowitz. With billions in assets flowing weekly, the Vancouver-based firm is now pursuing long-term growth. Mayor Ken Sim hailed LayerZero’s impact on the city’s economy and blockchain ecosystem.

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Bryan Pellegrino, LayerZero Labs CEO, vigorously disputes FTX’s lawsuit, claiming it lacks evidence.

FTX seeks to recover $21.3 million in cryptocurrency deposits made in 2022, withdrawn 90 days before its bankruptcy. The suit also targets LayerZero’s former COO, Ari Litan, and subsidiary Skip & Goose.

Pellegrino clarified that LayerZero’s actions didn’t imply prior knowledge of FTX’s insolvency. The Web3 startup, valued at $3 billion, remains committed to a fair court resolution.

Want to know more? Check out the source code on BetaKit.