- 0x Labs, a San Francisco-based decentralized exchange infrastructure provider, has completed a $70 million Series B funding round led by Greylock Partners.
As we mentioned as Koinfinans.com, large amounts of money have started to flow into the NFT industry recently as a result of successive funding rounds. An NFT platform in partnership with Coinbase 0x (ZRX) also raised a stunning $70 million in funding in a Series B funding round. After this development, the altcoin increased by up to 20% and reached $ 0.88 during the day.
According to the statement made to Forbes, investors such as Pantera Capital, Jump Capital, OpenSea and Jared Leto, which are among the biggest NFT players in the market, took part in the financing round, which was managed by Greylock Partners. Previously, 0x had raised $24 million in a ZRX token sale in 2017 and $15 million in a Series A equity round led by Pantera Capital.
Coinbase, America’s largest cryptocurrency exchange, which launched its own NFT marketplace powered by 0x technology last week, also joined the round.
What is 0x?
0x is an open-source, decentralized exchange (DEX) protocol created by 0x Labs that assists P2P asset exchange on the Ethereum blockchain.
Originally launched on Ethereum, the project is currently polygon (MATIC), BNB Chain (BNB), Avalanche (AVAX) and Phantom It allows peer-to-peer exchange of tokenized assets on a growing number of blockchains, including FTM.
As noted by KoinFinans, 0x recently partnered with Coinbase to strengthen the platform’s social NFT marketplace. This collaboration will allow Coinbase to access NFTs for its users by buying and selling at a low transaction cost.
Following Coinbase’s announcement, ZRX, the native token of the 0x protocol, surged over 50 percent to $1.10, its highest level since December. The altcoin’s market cap also increased by $300 million to $930 million. The cryptocurrency has since lost most of its gains, but is still trading with over 30 percent gains from last month.
Alongside the newly found promotion, the San Francisco-based startup is known for the creation of the 0x protocol, which enables peer-to-peer asset exchange between the aforementioned blockchains. As crypto advocates focus more towards a multi-chain future where assets can reside and be transferred across a wide variety of blockchains with different properties, interest in protocols like ox that offer critical connections between networks is also growing.
According to statements made by Altcoin’s team, this fund will be used to continue building this product as well as supporting Coinbase’s NFT goals.
“To continue this fund 0x Labs’ growth, [62 üyeli] We plan to use it to expand our team and double the existing products and services we offer.”
The company also aims to continue integrating new chains such as Solana, as well as newly introduced and [finansmanı yöneten Greylock’un genel ortağı Sarah Guo’ya göre yatırımcıların özellikle bullish olduğu bir alan olan] It plans to expand its support for NFT swaps.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.