June 12, 2024
Layer3, a protocol for token distribution, has successfully secured $15 million in a Series A financing round, in anticipation of its token launch and airdrop soon.
The round was jointly led by ParaFi and Greenfield Capital, with participation from Electric Capital, Immutable, Lattice, Tioga, LeadBlock, Amber, among others, as announced by Layer3 on Wednesday. The fundraising for this round commenced in April and concluded in May, as shared by Layer3's co-founder, Brandon Kumar, with The Block. The round was structured as equity coupled with token warrants, Kumar added, while choosing not to disclose the valuation.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Layer3 | $15M | June 12, 2024 | Series A | $21.2M | ParaFi, Greenfield Capital | Web3 |
In addition, Layer3 disclosed a previously unpublicized strategic funding round from 2022, which raised $3.7 million from Electric, ParaFi, Sandeep Nailwal of Polygon, and others. With the Series A round, Layer3's total funding now stands at $21.2 million, considering a previous round in 2021 that raised $2.5 million.
About Layer3
Layer3 is unique in its approach as it claims to be the first to offer on-chain perpetual futures, meaning all trades are asset-backed, thereby eliminating counterparty risk. This is a significant departure from traditional perpetual decentralized exchanges, which depend on market makers to maintain their synthetic price feeds in alignment with the actual on-chain asset prices.
Website: https://layer3.xyz/
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About Investor
Investor:
This round was jointly led by ParaFi and Greenfield Capital
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A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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