0x Labs Raises $70 Million from Greylock Partners, Coinbase, OpenSea

0x Labs – a San Francisco based decentralized exchange infrastructure provider – recently closed a Series B funding round led by venture capital firm Greylock Partners. The firm raised $70 million in total, with added help from Pantera, Jump Capital, OpenSea, and famous American actor/ musician Jared Leto.

0x’s valuation remains undisclosed, but it raised $24 million from its ZRX token sale back in 2017, and $15 million in a Series A led by Pantera capital last year.
The popular cryptocurrency exchange Coinbase also took part in the round. The platform began leveraging 0x’s DEX technology to power its own NFT marketplace last week.
ZRX, which is the native token of 0x, skyrocketed over 50% to $1.10 following Coinbase’s announcement. It has since retraced and lost nearly all of its gains on the week – but is still up about 20% this 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, cofounder and co-CEO of 0x Labs, according to Forbes.

The 0x protocol enables peer-to-peer NFT and digital asset trading across different blockchains, including Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo. The team claims to offer 50% lower fees than more popular NFT marketplaces like LookRare and OpenSea.
Sarah Guo, general partner at Greylock, stated that investors are particularly bullish on 0x’s NFT swaps, which it plans to expand to other ecosystems like Solana.
0x Labs also enables developers to integrate such DEX functionality into their own applications.
The protocol currently handles about $1.5 billion in transaction volume on a weekly basis. That’s still significantly smaller than that of more popular DEXs like Uniswap, which manage nearly $50 billion.
However, 0x also operates Matcha – the second largest DEX aggregator available right now, besides 1Inch. DEX aggregators optimize trades by finding the best price options across a range of decentralized exchanges.

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