Citadel and Cathie Wood back Zero, a new blockchain designed for traditional finance

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Summary

LayerZero, a crypto company backed by Andreessen Horowitz and Sequoia, is launching a new blockchain called Zero designed to meet the needs of Wall Street. The blockchain uses zero-knowledge proofs to overcome scaling challenges and can handle 2 million transactions per second at a fraction of a cent per transaction. The company has attracted investors and partners including Citadel, ARK’s Cathie Wood, and Intercontinental Exchange, parent company of the New York Stock Exchange.

Our Reading

The announcement sounds familiar.

LayerZero is launching a new blockchain, Zero, designed to meet the needs of Wall Street. The company has attracted big names like Citadel, ARK’s Cathie Wood, and Intercontinental Exchange. The blockchain uses zero-knowledge proofs to overcome scaling challenges.

LayerZero’s new blockchain can handle 2 million transactions per second at a fraction of a cent per transaction.

The company plans to hold a demonstration of the blockchain on Tuesday, but it won’t launch until September.

This is a clear signal that institutions like the DTCC handling trillions of dollars worth of assets might be more likely to turn to blockchain infrastructure.

Original Observation: This is the blockchain’s moment of truth.