On-chain money market platform LayerBank has announced a $2.3 million pre-seed funding round, backed by a group of crypto investors and industry participants. Named backers include Move Industries CEO Torab Torabi, Coin Bureau Chinese, DVchain, Taiko, Rootstock, and several angel investors.
Funding to support ULAB development
According to the announcement, the fresh capital will be used to develop and launch LayerBank’s native token, ULAB. The token is intended to support the platform’s value capture and incentive model, positioning it as a key part of LayerBank’s broader ecosystem design.
The company also said that the Token Generation Event (TGE) for ULAB is planned to take place on the Movement Network. That suggests LayerBank is moving beyond product expansion and into the next stage of token and ecosystem rollout.
Multi-chain reach already spans 150+ markets
LayerBank currently supports more than 150 markets across over 17 chains. The platform offers lending and yield strategies through what it describes as a unified chain abstraction experience, aiming to simplify access to DeFi services across multiple blockchain networks.
With this raise, LayerBank appears focused on strengthening both sides of its business: expanding multi-chain money market infrastructure while building a token-based incentive layer around ULAB. The financing gives the project additional resources as it prepares for the token launch and further ecosystem growth.
So far, the company has not disclosed additional details on ULAB’s issuance schedule, distribution structure, or launch timeline beyond the planned TGE network.