Telecom
LayerZero Raises $120M to Expand Cross-chain Messaging Efforts
LayerZero Labs, a web3 messaging protocol, has closed a $120 million Series B round, raising its valuation to $3 billion from $1 billion, the company said on Tuesday.
Unlike Web 2.0 messaging platforms like WhatsApp and Telegram, this messaging protocol lets users send different types of messages between blockchains, like cross-chain interactions, eliminating the need for intermediaries.
“It’s pure arbitrary data; it’s like internet-packaged messaging between computers, not like instant messaging,” Bryan Pellegrino, CEO and co-founder of LayerZero Labs, told TechCrunch. “It’s the movement of data.”
LayerZero connects over 30 mainnet blockchains, including two non-Ethereum Virtual Machines (EVMs), Aptos and Solana, Pellegrino noted.
The protocol is used by on-chain applications like decentralized exchanges, including the likes of PancakeSwap, Sushiswap, Trader Joe and Uniswap. The platform has secured over $7 billion in total value locked and processed over $6 billion in transactional volume, the startup said.
Since launching about a year ago, “hundreds of thousands of unique users” have used the protocol, Pellegrino said.
It took the protocol about 7.5 months to hit 1 million messages; then it took 2.5 months to hit the next million messages, Pellegrino said. “Everything else is rapidly evolving. By the end of this year, I’m extremely confident that we’ll have single months, if not single weeks, where there’s a million messages.”
The round was raised for “purely strategic alignment,” Pellegrino said — meaning they didn’t really need the money. The Series B round saw 33 investors participating, including a16z crypto, Circle Ventures, Sequoia Capital, OpenSea, Samsung Next, Christie’s and BOND. The company, which previously raised $135 million in March 2022, has raised over $250 million to date, he added.
“We wanted to make a push into gaming and the APAC market, and all of this [capital] is largely to grow the company there,” Pellegrino said. “If we want to be that layer that connects everything, gaming plays a huge role in that.”
In the long-term, Pellegrino hopes LayerZero’s messaging protocol, and others, continues to create the infrastructure that allows applications to build more complex structures. “Our job is to build the primitive that allows developers to create the best systems they can, whether its games, DeFi applications or something else.”
Technology Company, Globacom, has announced significant reductions in its International Direct Dialing (IDD) rates, making international calls more affordable for its existing and new customers across Nigeria.
Effective August 10, the new rates began applying to over 15 popular international destinations, including United States which will has moved to ₦30 per minute, down from ₦35, United Kingdom is now N350 from ₦400, while India also moved down to ₦40 from N45.
The rates for China, Saudi Arabia and Cameroon however recorded major reduction moving to N75, N300 and ₦700 respectively.
The reduction was also extended to African countries including Benin Republic which goes for ₦650 per minute, Niger Republic ₦750, Ghana ₦500, and Togo ₦650. United Arab Emirates also moved from ₦450 to ₦325, Germany to ₦550, Côte d’Ivoire ₦700, Libya ₦700, while calls to Malawi is now N1,100 from ₦1,200.
Glo aims to provide more value for its customers through these revised rates, encouraging them to make Glo their preferred network for international calls. New IDD bundles will also be introduced, offering frequent international callers even more attractive deals.
Globacom, which remained optimistic that frequent international callers will benefit immensely from the reductions in IDD bundles, enjoined customers to take advantage of the new rates to stay connected with friends and business associates across the globe.
President Bola Tinubu has appointment members into the boards of the Nigerian Communications Commission and the Universal Service Provision Fund, both under the Ministry of Communications, Innovation and Digital Economy.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Tuesday.
According to the statement, Idris Olorunnimbe was named Chairman of the NCC board, while Dr Aminu Wada will continue as Executive Vice Chairman and Chief Executive Officer, a position he was appointed to in October 2023 and confirmed by the Senate the following month.
Onanuga said Olorunnimbe previously served on the Lagos State Employment Trust Fund Board, where he chaired the Stakeholder and Governance Committee.
Other NCC board members are Abraham Oshidami (Executive Commissioner, Technical Services), Rimini Makama (Executive Commissioner, Stakeholder Management), Hajia Maryam Bayi, Col Abdulwahab Lawal (retd.), Senator Lekan Mustafa, Chris Okorie, Princess Oforitsenere Emiko, and the board secretary.
The President also approved the board of the USPF, chaired by the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, with Olorunnimbe as Vice Chairman.
Other members are Oshidami, Makama, Aliyu Edogi Aliyu (representative of FMCIDE), Joseph B. Faluyi (representative of the Federal Ministry of Finance), Auwal Mohammed (representative of FMBNP), Uzoma Dozie, Peter Bankole, Abayomi Anthony Okanlawon, Gafar Oluwasegun Quadri, and the USPF secretary.
See the statement below:
PRESIDENT TINUBU APPOINTS BOARD MEMBERS FOR NCC AND USPF
President Bola Ahmed Tinubu has constituted the boards of the Nigerian Communications Commission (NCC) and the Universal Service Provision Fund (USPF), both agencies under the supervision of the Ministry of Communications, Innovation and Digital Economy.
Idris Olorunnimbe was appointed Chairman of NCC, while Dr Aminu Waida remains its Executive Vice Chairman/Chief Executive Officer.
President Tinubu appointed Wada to the position in October 2023, and the Senate confirmed the appointment in November 2023.
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Mr. Olorunnimbe previously served on the Lagos State Employment Trust Fund (LSETF) Board, where he chaired the Stakeholder and Governance Committee and drove impactful youth employment and entrepreneurship programmes.
Other members of the board are:
1. Abraham Oshidami – Executive Commissioner, Technical Services
2. Rimini Makama – Executive Commissioner, Stakeholder Management
3. Hajia Maryam Bayi- Former Director, Human Capital & Administration
4. Col Abdulwahab Lawal (Rtd)
5. Senator Lekan Mustafa
6. Chris Okorie
7. Princess Oforitsenere Emiko
8. Secretary of the Board.
The President also approved the Board of the Universal Service Provision Fund (USPF), with Dr Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, as Chairman.
Other members are :
1. Idris Olorunimbe – Vice Chairman
2. Abraham Oshidami
3. Rimini Makama
4. Aliyu Edogi Aliyu – (Rep FMCIDE)
5. Joseph B Faluyi – (Rep. of Federal Ministry of Finance)
6. Auwal Mohammed – (Rep. of FMBNP)
7. Uzoma Dozie
8. Peter Bankole
9. Abayomi Anthony Okanlawon
10. Gafar Oluwasegun Quadri and the
11. USPF Secretary
The Federal Government established the Universal Service Provision Fund (USPF) to facilitate the achievement of national policy goals for universal access and service to information and communication technologies (ICTs) in rural, unserved and underserved areas in Nigeria.
Anambra State ICT Agency has restated its commitment to creating a digitally inclusive environment where Persons with Disabilities (PWDs) can access and benefit from government services without barriers.
Speaking when the Anambra State Disability Rights Commission (ADRC), in partnership with the Rule of Law and Anti-Corruption (RoLAC) programme, paid an advocacy visit to his office, the Managing Director/CEO of the ICT Agency, Chukwuemeka Fred Agbata, underscored the Soludo administration’s determination to make governance work for all, including PWDs.
Mr. Agbata noted that intentional inclusion is a key part of the Governor’s technology-driven vision for the state which is why the commission recently received a wide range of digital tools to enhance their productivity.
“Technology is only truly impactful when it works for everyone, regardless of physical ability.
We are committed to removing digital barriers and making our platforms accessible to all residents of Anambra State,” he said.
CFA also disclosed that the Agency will take immediate steps to appoint a Disability Desk Officer, work with the commission to ensure that all government ICT platforms are designed to meet accessibility standards, and as well as incorporate PWD-friendly features into ongoing upgrades of the SolutionLens feedback platform.
The visit also featured presentations from ADRC’s Head of ICT, Mr. Bonaventure Umeokwonna, who outlined the Commission’s priorities, and RoLAC representatives, who pledged continued support for building capacity and strengthening the policy framework for inclusion.
Mr. Valentine Nwachukwu, Head of Planning, Research and Statistics at the Commission, gave the vote of thanks, commending the ICT Agency’s openness to collaboration.
The Anambra State ICT Agency continues to work closely with ministries, departments, and agencies to deepen digital transformation in the state, ensuring that no segment of society is left behind.
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