0x Labs, a decentralized exchange infrastructure provider based in San Francisco, recently closed a Series B fundraising round sponsored by Greylock Partners. Pantera, Jump Capital, OpenSea, and well-known American actor/musician Jared Leto all contributed to the sum of $70 million raised by the company.
The value of 0x is unknown, although it raised $24 million from its ZRX token sale in 2017 and $15 million from Pantera Capital in a Series A last year.
Coinbase, a well-known bitcoin exchange, was also a participant in the round. Last Monday, the platform began using 0x’s DEX technology to power its own NFT marketplace.
Following Coinbase’s announcement, ZRX, 0x’s native coin, soared more than 50 percent to $1.10. It has now retraced and lost virtually all of its week’s gains, but is still up roughly 20% for the month.
“We’re planning to use this funding to continue the growth of 0x Labs, expanding our [62-member] team and doubling down on the current products and services that we’re offering,” said Will Warren, co-founder, and co-CEO of 0x Labs, according to Forbes
The 0x protocol allows for peer-to-peer NFT and digital asset trading on a variety of blockchains, including Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo. The team claims to charge 50% less than more well-known NFT markets such as LookRare and OpenSea.
Investors are particularly enthusiastic about 0x’s NFT swaps, which the company aims to spread to other ecosystems like as Solana, according to Sarah Guo, the general partner at Greylock.
Developers can also use 0x Labs to integrate DEX features into their own apps.
On a weekly basis, the protocol processes around $1.5 billion in transaction volume. Even yet, it’s still a fraction of the size of more well-known DEXs like Uniswap, which manages almost $50 billion.
However, in addition to 1Inch, 0x also runs Matcha, the second-largest DEX aggregator currently accessible. DEX aggregators identify the best price alternatives across a variety of decentralized exchanges to optimize trades.