0x Labs, the parent company of decentralized exchange aggregator 0x, has raised $70 million in a Series B funding round. The round, led by Greylock and featuring actor and singer Jared Leto, will allow 0x to welcome new networks and expand its range of services.
0x Labs raises $70 million
0x Labs, the maker of decentralised exchange aggregator (DEX) 0x (ZRX), has raised $70 million in a Series B funding round.
The news comes just a week after exchange Coinbase announced that it would collaborate with 0x to power its new non-fungible token (NFT) platform. ZRX, the 0x token, was up 53% in the 24 hours following the announcement.
Coinbase also participated in this new fundraising, which was led by Greylock, alongside investors such as Pantera, Open Sea, Sound Ventures, A. Capital and Jump Crypto. We also note the presence of the American actor and singer Jared Leto.
0x was chosen by Coinbase for its lower transaction fees than its competitors, one of the cornerstones of 0x’s development since its launch, as Amir Bandeali, its co-founder and co-CEO, reminded us:
We provide solutions that can be used to easily integrate exchange functionality for all tokenized assets, including cryptocurrencies, decentralized finance (DeFi) tokens or NFTs, at the best prices and with the lowest transaction costs. By using 0x technology, companies will have more time to focus on what matters: their product. “
In addition to providing a DEX aggregator for the general public through its Matcha protocol, 0x also allows developers and businesses to access liquidity through the wide range of decentralised exchanges it offers.
Funding to expand
The new capital injection will directly enable 0x Labs to enhance its product and service offering, whether through its Matcha protocol, its API that enables cross-chain liquidity to be provided through the DEX aggregator, or through 0x Protocol, its open source tool.
In addition, 0x Labs will now be able to take advantage of Greylock’s broad portfolio thanks to its investment. The company will thus be able to access renowned partners such as Facebook, Figma, Airbnb and Discord.
In any case, 0x intends to continue to bring exchanges to the forefront. The protocol is already compatible with 7 blockchains, including Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM).
These new funds will allow it to aggregate new networks and exchanges, as Will Warren, co-founder and co-CEO of 0x Labs, confirmed:
“We are not only looking for new networks, but also new exchanges.
“We put our ecosystem of integrators first, because if they succeed, we all succeed. Many of the leading crypto companies already use and trust 0x, and we’re ready to take the next big step in our mission by onboarding the next wave of Web 3.0 users, businesses and institutions. “
Since its inception, 0x has enabled more than $158 billion in transactions across more than 3.5 million different digital wallets.
The ZRX token has seen an 11.2% rise in the last 24 hours following the announcement, despite a downward trend in the leader Bitcoin (BTC). This puts ZRX in 115th place among cryptocurrencies, with a price of $0.84 at the time of writing.
