Sequoia Capital is investing in the crypto custodian, one of a trio of recent crypto deals by the VC firm.

Sequoia Capital, Andreessen Horowitz and crypto trading firm FTX are co-leading an investment of more than $100 million in LayerZero Labs, a 10-month-old crypto firm that has yet to launch its product publicly, at a $1 billion valuation, according to two people familiar with the deal.

LayerZero’s rapid rise to unicorn status, unusual for a startup of its age, reflects the recent explosion of investor interest in blockchain startups among more generalist venture firms that previously shied away from the sector.

It’s also part of a trio of such deals that Sequoia has inked recently, bringing its total number of crypto-startup investments this year to over a dozen.

Read deeply reported stories from the largest newsroom in tech.

Google may lag far behind rivals Amazon Web Services and Microsoft in the cloud market.

Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.