Venture capital giant Andreessen Horowitz (a16z) has announced a new investment of $55 million in LayerZero (ZRO) tokens.
a16z general partner Ali Yahya confirmed the news on social media, saying:
“I am excited to announce that we have invested another $55 million in LayerZero (ZRO) tokens with a 3-year lock-up. Our global financial system is evolving and it is great to see the protocol enable so many new businesses and complex workflows to move on-chain.”
LayerZero is known as a protocol that aims to facilitate secure and efficient cross-chain messaging, making it easier for decentralized applications (dApps) and services to communicate across various blockchain networks.
However, the ZRO price responded to the development with a weak upward movement and is trading 1.2% higher on the day at the time of writing. The token has a market cap of $260 million and is traded on major cryptocurrency exchanges such as Binance, Coinbase, Bybit.
However, it is important to remember that only 110 million of the token's maximum supply of 1 billion ZRO tokens are in circulation.
*This is not investment advice.
