An under-the-radar altcoin witnessed a mild jump in price on Thursday after the venture capital giant Andreessen Horowitz (a16z) announced it was investing $55 million in the token.

Ali Yahya, a general partner at a16z crypto, announced the investment in ZRO, the native token of the omnichain interoperability protocol LayerZero.

LayerZero aims to move data across blockchains and support “censorship-resistant messages and permissionless development through immutable smart contracts.” Yahya notes the a16z investment has a three-year lockup.

ZRO was trading around $2.33 prior to the announcement and surged to a high of $2.54 around 90 minutes later. The 208th-ranked crypto asset by market cap has since partially retraced to $2.46 at time of writing, though it remains up by more than 2.5% in the past 24 hours.

The overall crypto market cap, by comparison, is down more than 1% in the past day.

Earlier this week, the on-chain perpetual exchange GMX announced LayerZero would serve as the “preferred messaging infrastructure provider” for its multichain expansion. The XDC Network, a layer-1 blockchain, also recently announced a LayerZero omnichain integration.

Explains XDC,

“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.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Interoperability Protocol Asset Surges After a16z Acquires $55,000,000 Worth of the Project’s Native Asset appeared first on The Daily Hodl.

An under-the-radar altcoin witnessed a mild jump in price on Thursday after the venture capital giant Andreessen Horowitz (a16z) announced it was investing $55 million in the token.

Ali Yahya, a general partner at a16z crypto, announced the investment in ZRO, the native token of the omnichain interoperability protocol LayerZero.

LayerZero aims to move data across blockchains and support “censorship-resistant messages and permissionless development through immutable smart contracts.” Yahya notes the a16z investment has a three-year lockup.

ZRO was trading around $2.33 prior to the announcement and surged to a high of $2.54 around 90 minutes later. The 208th-ranked crypto asset by market cap has since partially retraced to $2.46 at time of writing, though it remains up by more than 2.5% in the past 24 hours.

The overall crypto market cap, by comparison, is down more than 1% in the past day.

Earlier this week, the on-chain perpetual exchange GMX announced LayerZero would serve as the “preferred messaging infrastructure provider” for its multichain expansion. The XDC Network, a layer-1 blockchain, also recently announced a LayerZero omnichain integration.

Explains XDC,

“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.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Interoperability Protocol Asset Surges After a16z Acquires $55,000,000 Worth of the Project’s Native Asset appeared first on The Daily Hodl.