Interoperability Protocol Layerzero’s original Token (ZRO) on Thursday rose on news that the venture capital company Andreessen Horowitz (A16Z) cryptoarm increased its investment in the project.
The company acquired an additional $ 55 million Zro-tokens, who committed to a 3-year lock-up period, general partner Ali Yahya said in an X post. A16Z has been an early backman of the protocol’s development company Layzerzero Labs, participating in the team’s $ 135 million Serie A -Fundraising -Round in 2022 and the following $ 120 million Series B round in 2023.
Zro advanced 10% to $ 2.56 after the message before throwing some of the winnings. The token was recently up to 5% during the day that surpassed the wide market Coindesk 20 index and Bitcoin (BTC) winnings.
Layerzero is an important piece of infrastructure that allows communication between isolated blockchains with transverse chain messages. The protocol supports 125 blockchains, has relieved over 145 million transverse chain messages and $ 75 billion in value transfers. Its technique supports projects such as Paypal’s StableCOin, Defi Protocols Ethena and Pendle, and was selected as a issuing partner for Wyoming’s StableCoin project.
The investment will help the protocol to expand beyond interoperability to token issues, data management, governance and improvement of databases, according to an E email.
