San Francisco-based decentralized exchange infrastructure provider 0x Labs has just raised $70 million in a series B funding after securing $15 million from its previous funding last year.
Although the company did not disclose its valuation, the round was led by Greylock Partners, a leading Venture Capital company and saw participation from institutional investors like Coinbase, OpenSea, Sound Ventures and others.
“All verticals of the Decentralized Exchange exploded in 2021. What’s exciting is that we are still very early on the DEX adoption curve. 0x Labs is at the forefront of that development and is perfectly positioned to lead the Web3 charge as more and more value is tokenized and needs a standard to be moved and exchanged,” Sarah Guo, Partner at Greylock said.
0x Labs Expansion Plans
As a blockchain infrastructure company helping businesses to build in the decentralized exchange (DEX) ecosystem, 0x Labs tends to use the funds for business expansion and to scale its product offerings across the globe.
Some of these products include Matcha, a search engine optimization (SEO) tool for tokens, 0x API and 0x Protocol, a public blockchain supporting its DEX.
Part of the funding will also go into the development of the newly acquired NFT Swaps with the aim of supporting more integrators in the future.
The company also intends to introduce new blockchains as well as launch non-EVM like Solana to strengthen its foothold in the industry.
Provides Exchange Functionalities for Developers
0x Labs provides exchange functionalities that enable developers to build their DEX applications with market features that allows the trading of DeFi tokens including tokenized assets like NFTs.
The DEX provider firm recently entered into partnership with Coinbase exchange to launch its NFT market.
0x Labs currently supports major blockchain projects like Ethereum, BNB Chain, Polygon, Fantom and Avalanche.
“We put our ecosystem of integrators first, because if they succeed, we all succeed. Many of the top crypto companies already use and trust 0x, and we’re ready to take the next big step in our mission to build a tokenized world where all value can flow freely by onboarding the next 100x wave of users, businesses, and institutions to web3,” says Will Warren, Co-founder and Co-CEO of 0x Labs.
Meanwhile, the news of the latest funding spiked the price of ZRX, the company’s native cryptocurrency. The coin gained 15% despite the bearish trend in the market.