LayerZero made an exciting announcement this week, revealing their partnership with PayPal to integrate technology that enables seamless transfers of PYUSD between Solana and Ethereum. After having entered into several collaborations with big crypto projects already, this new integration might catch eyes on an even wider scale. Let’s find out more below!
What is LayerZero?
LayerZero is a revolutionizing protocol designed to connect multiple blockchains, allowing them to communicate seamlessly with each other. Using an approach called “omnichain interoperability”, LayerZero ensures secure and fast transfers of messages and assets between blockchain. This way, developers are encouraged to build applications that can use the strengths of multiple blockchain ecosystems. DeFi projects like Ethena and Stargate, or gaming projects like Beam and Heroes of Mavia, have all been using LayerZero’s technology.
To get an in-depth view on LayerZero as a project and on its token $ZRO, read our coinreport here.
Partnership with PayPal
Recently, LayerZero announced a partnership with PayPal, with which they aim to improve interoperability within the blockchain and crypto sector. This partnership enables PayPal to integrate its stablecoin PYUSD with the LayerZero-protocol, so that seamless transfers between the Ethereum and Solana blockchains become possible. This eliminates the need for PYUSD users to rely on centralized platforms like Venmo and PayPal when making transfers.
“We believe that PYUSD holders will welcome the flexibility and convenience offered by LayerZero,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.
Additionally, PayPal Ventures, their investment arm, participated in a $135 million funding round for LayerZero Labs. This investment emphasizes PayPal’s trust in LayerZero’s technology and vision on blockchain-interoperability.
Future outlook for LayerZero
LayerZero getting recognition from a well-established company like PayPal is not a small matter, and will also certainly not go unnoticed within the crypto world. After already being used by multiple big crypto projects, could this PayPal partnership be a next step towards other big integrations for the LayerZero technology?
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