0x Labs Raises $70 Million Following Successful Coinbase Integration
Quick take:
- 0x Labs has raised $70 million at an undisclosed valuation in a Series B round led by Greylock Partners.
- The growth follows Coinbase's integration recently into its marketplace.
0x Labs, a decentralized exchange infrastructure provider, located in San Francisco, has raised $70 million in a Series B investment headed by Greylock Partners at an undisclosed value. Pantera, Jump Capital, OpenSea, and Jared Leto were among the investors in the round.
In 2017, 0x received $24 million via a ZRX token sale and $15 million from Pantera Capital in a Series A equity investment.
0x Labs and Coinbase
Coinbase, America's largest cryptocurrency exchange, took part in the round having just launched its own NFT marketplace based on 0x's technology.
0x Labs released a set of NFT swap capabilities earlier this year, allowing users to exchange digital items across different blockchains like Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo. The team argues that trading on popular NFT marketplaces like OpenSea and LooksRare costs around half as much as trading on their platform.
Following Coinbase's announcement, ZRX, the 0x protocol's native coin, soared by more than 50% to $1.10, its highest level since December. Its market capitalization also increased by $300 million to $930 million.
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