LayerZero Labs, a $120 million early stage fundraising round increased the $3 billion valuation of the blockchain messaging technology. 33 investors participated in the Series B fund-raise, including, among others, a16z crypto, Christie's, Circle Ventures, OpenSea Ventures, Samsung Next, and Sequoia Capital.

The fund-raise highlights a rising preference among businesses to work with private investors at a time when choppy markets and a risk-off attitude have stifled interest in public listings. During an investment round headed by 83North, Via claimed to have received a valuation of $3.5 billion in February.

LayerZero intends to use the funds to expand both its staff and its footprint in the APAC area. A investment round led by Sequoia Capital, FTX Ventures, and others garnered $135 million for the New York-based blockchain infrastructure company last year, valuing it at $1 billion.

Decentralized apps can be created using various blockchains thanks to LayerZero Labs. Some of the most powerful cryptocurrency-focused businesses in the world, including Binance, Blockdaemon, Christie's, Circle Ventures, Coinbase, OpenSea Ventures, and many more, have backed it.