Investment Firms ParaFi and Greenfield Collectively Invest $15 Million in Series A Funding Round for Layer3, a Token Distribution Protocol
In an exciting development for the crypto industry, Layer3, a token distribution platform, has successfully completed a $15 million Series A round. This funding brings the total raised by Layer3 to $21.2 million.
The Series A round was co-led by ParaFi and Greenfield Capital, with additional participation from Electric Capital, Immutable, Lattice, Tioga, LeadBlock, Amber Group, and other undisclosed investors.
Layer3's platform enables crypto projects to deploy their tokens across multiple blockchains, a feature that has reportedly been utilised by over 100 projects, including Uniswap, Base, Arbitrum, and Linea. These projects use Layer3 to distribute tokens to their stakeholders and community.
Kumar, Layer3's CEO, announced that a significant portion of these tokens serve as a Customer Acquisition Cost (CAC) mechanism. He also revealed that the AI-enabled protocol, planned for launch later this year, is designed to optimise token distribution across different factions of crypto communities.
The AI-enabled protocol is expected to help these tokens find the most efficient routes for distribution. Kumar further added that protocol treasuries hold billions of dollars in tokens.
In the coming months, Layer3 is planning a token launch and airdrop. This move follows an intensification of airdrop activity in the crypto space, with projects distributing approximately $4 billion since the beginning of 2024.
Layer3's Series A round was structured as equity with token warrants. The funds raised will be used to further develop the platform and the AI-enabled protocol, as well as to support the upcoming token launch and airdrop.
With the successful completion of the Series A round, Layer3 is well-positioned to continue its mission of simplifying and optimising token distribution in the rapidly growing crypto industry.
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