Layer3 raises $15 million in Series A funding

IconCryptoNewsTerminal Staff13 Jun, 2024

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Layer3 raises $15 million in Series A funding

Layer3, a token distribution protocol, has raised $15 million in a Series A funding round, according to The Block. The investment was led by ParaFi and Greenfield Capital, with participation from Electric Capital, Immutable, Lattice, and Tioga Capital. With the funds, Layer3 plans to develop its protocol further, expand its team, and launch its own token. The token will be used to incentivize users to participate in the Layer3 network and will be airdropped to users in the coming months. The latest funding round brings Layer3's total funding to $20 million. The company previously raised $5 million in a seed round in 2021.

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