LayerZero reaches a complete equity buy-out agreement with FTX and Alameda
LayerZero Labs, a cross-chain messaging and bridging startup, said it has come to an agreement with FTX, FTX Ventures and Alameda Research for an equity buyout. LayerZero Labs had raised a Series A+ round led by Sequoia Capital, a16z and FTX Ventures in March and was valued at $1 billion.
Although LayerZero took a hit, co-founders Bryan Pellegrino and Ryan Zarick claim to have at least seven years of financial runway with their current holdings. In May, The Block revealed that LayerZero Labs had been seeking fresh funding in a round that would have valued it at $3 billion — but the deal is yet to close. Although LayerZero claims it is well-capitalized with approximately $134 million — 90% of which is in cash or stablecoins — it held $11.5 million on FTX.
Source
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