An under-the-radar altcoin experienced a slight price increase on Thursday following the announcement of a $55 million investment from venture capital giant Andreessen Horowitz (a16z).
Ali Yahya, a general partner at a16z crypto, shared the news of the investment in ZRO, the native token of LayerZero, an omnichain interoperability protocol.
LayerZero’s goal is to facilitate data transfer across blockchains and enable censorship-resistant messages and permissionless development through immutable smart contracts. The investment from a16z comes with a three-year lockup period.
Prior to the announcement, ZRO was trading at around $2.33 and quickly rose to a high of $2.54 within 90 minutes. Currently, the 208th-ranked crypto asset by market cap is trading at $2.46, showing a 2.5% increase in the past 24 hours.
In comparison, the overall crypto market cap has decreased by more than 1% in the same timeframe.
Earlier this week, GMX, an on-chain perpetual exchange, announced that LayerZero would be its preferred messaging infrastructure provider for its multichain expansion. Additionally, the XDC Network, a layer-1 blockchain, revealed a recent omnichain integration with LayerZero.
The XDC Network stated, “This integration connects the XDC Network to over 125+ LayerZero-supported blockchains, empowering developers and enterprises to build omnichain applications interacting across networks with enhanced trust, speed, and efficiency.”
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