Layerzero’s ZRO price jumped 10% while VC firm Andreessen Horowitz (A16z) bought $ 55M tokens
The Interoperability Protocol Layerzero’s native token (ZRO) advanced Thursday to news that venture capital firm Andreessen Horowitz’s (A16z) Crypto arm has increased its investment in the project.
The company has earned additional $ 55 million ZRO tokens that have been made in a 3-year lock-up period, general partner Ali Yahya said in a X post. A16z has been a Early backer of the firm firm of the protocol layerzero labs, Participating In the $ 135 million series of a team of a fundraising round in 2022 and the following $ 120 million series B round in 2023.
ZRO raised 10% to $ 2.56 following the announcement before pouring some of the gains. The token has recently reached about 5% in the day, raising the wide market of Coindesk 20 index and bitcoin (BTC).
Layerzero is a basic piece of infrastructure that enables communication between separate blockchains with cross-chain messages. The Protocol Underpins 125 Blockchain, facilitated more than 145 million cross-chain messages and $ 75 billion value transfer. Its tech supports projects such as Paypal’s Stablecoin, Defi Protocols Etherna and Pendle, and selected as a partner in release for Wyoming’s stablecoin project.
The investment will help the protocol expand beyond the interoperability in the token release, data management, managing and improving databases, according to an email.
