- 0x Labs raises $70 million at an undisclosed valuation in series B
- Greylock Partners and other NFT marketplaces led the funding
- 0x Labs offers Matcha global liquidity to help users trade at the best prices
0x Labs, a decentralized exchange platform based in San Francisco, has scraped together $70 million from the Series B funding round. The Greylock Partners and other investors such as Jared Leto, OpenSea, Jump Capital, and Pantera spearheaded the funding.
The funding will be used in the building of the 0x product and to support the Coinbase NFT ambitions.
When interviewed by Forbes, Will Waren, co-founder, and co-CEO of 0x Labs said “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.”
Other Successful Funding
This comes after a previous success of 0x in 2017, where $24 million was raised in the ZRX token sale. The exchange platform had also raised $15 million in the Series A round in which Pantera Capital was leading.
Coinbase, which is currently the largest cryptocurrency exchange platform in America, also took part in the funding.
0x Labs has introduced some NFT swap features that will facilitate the exchange of digital assets between several blockchains, such as polygon, Ethereum, and BNB chain, among others.
The decentralized exchange platform is famous for creating the 0x protocol, which facilitates the exchange of assets on peer-to-peer exchanges on specified blockchains.
Trading on 0x Labs is approximately 50% cheaper than in OpenSea and LooksRare, which are the leading NFT marketplaces.
ZRX, the 0x protocol’s native token, recorded its highest level in December after accumulating a raise of $300 million in its market capitalization. ZRX has gone up by over 20% since March 2022.
0x Performance Compared to Other Platforms
When compared to some of the famous decentralized exchanges, these numbers are quite insignificant. For example, UniSwap recorded transactions that were approximately $50 billion compared to 0x’s record of $1.5 billion in transactions in a week.
0x also manages the second-largest exchange platform, Matcha. Matcha focuses on enhancing its trades through a selection of the highest offers from several crypto exchanges. Matcha has handled $2.13 billion out of $11.19 billion in the trading aggregator DEX.
0x Lads has plans to diversify its support for NFT swaps that were recently introduced and also continue merging newer blockchains such as Solana.
