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American finance heavy hitters Citadel and Ark bought an undisclosed amount of $ZRO, the LayerZero crypto protocol’s native token, with Ark also taking an equity position in LayerZero Labs, the company behind the protocol. Separately, Tether, the issuer of the world’s largest stablecoin—a crypto asset pegged to the value of the U.S. dollar—also announced an undisclosed investment in LayerZero Labs. (The Logic)
Talking point: LayerZero is once again raising money from big names amid a crypto market crash, following the company’s massive US$120-million funding round at a US$3-billion valuation in 2023. The Depository Trust & Clearing Corporation, Google Cloud and New York Stock Exchange parent Intercontinental Exchange are also working with LayerZero on its new Zero blockchain, which CEO Bryan Pellegrino said in a release could “actually bring the entire global economy on-chain.” Zero will be 500 times faster than competing blockchain Solana and 100,000 times faster than Ethereum, LayerZero said in a release.
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