Quick take:

  • The fundraising comes ahead of Layer3’s planned token launch and Airdrop.

  • The company has now raised a total of $21.2 million following $6.2 million raised across two rounds.

  • Layer3 offers a token distribution protocol that enables projects to distribute tokens to their fans across multiple blockchains.

Layer3 has completed a $15 million Series A round co-led by ParaFi and Greenfield Capital. The fundraising also attracted participation from Electric Capital, Immutable, Lattice, Tioga, LeadBlock, and Amber Group. Layer3 co-founder Brandon Kumar said the Series A round was structured as equity with token warrants.

The fundraising brings the total raised to $21.2 million following a $3.7 million strategic round raised in 2022 and a $2.5 million announced in 2021, The Block reported.

The company offers a token distribution platform that enables crypto projects to deploy their tokens across multiple blockchains.

This announcement also comes ahead of Layer3’s planned token launch and airdrop in the coming months.

Since the beginning of 2024, crypto projects have intensified airdrop activity, distributing approximately $4 billion so far.

“Protocol treasuries hold billions of dollars in tokens,” Kumar said. “These tokens, in large part, serve as a Customer Acquisition Cost (CAC) mechanism and will, over time, find the most efficient routes for distribution. Protocols like Layer3 are poised to capture the majority of this demand given our direct relationship with the consumer, efficiency, and targeting capability.”

According to Kumar, more than 100 projects including Uniswap, Base, Arbitrum and Linea use Layer3 to distribute tokens to their stakeholders and the community.

The company is now reportedly working on an AI-enabled protocol to optimise token distribution across different factions of crypto communities. The protocol is planned for launch later this year, Kumar said.

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The post ParaFi and Greenfield Capital Co-Lead $15M Series A for Token Distribution Protocol Layer3 appeared first on NFTgators .