DEX protocol 0x Labs has raised $70 million in a recent Series B funding round. The round was led by venture capital firm Greylock Partners, with leading NFT marketplace OpenSea also getting in on the action, as well as Pantera Capital, Jump Crypto, and Hollywood actor Jared Leto.
As of now, 0x is yet to announce how the new injection of funds will be leveraged, and the company’s new valuation also remains undisclosed.
Despite keeping things under wraps, 0x’s recent partnership with Coinbase to power its new NFT marketplace may be a good indication as to where the funds will be heading. The hypothesis is backed up by the positivity which surrounds the partnership, as in wake of its announcement last week, 0x’s native token $ZRX soared 47%, whilst in addition, the 24 hours following its Series B funding round saw the token rise a further 15%.
If the entirety of the $70 million isn’t spent on a high-profile endeavour, then quite likely it will be used to develop new or preexisting features of 0x. In regards to what these features are, 0x is an open-source decentralized exchange platform that aids in peer-to-peer asset exchanges on the Ethereum blockchain.
Through its liquidity application programming interface, developers can split up transactions between decentralized exchanges such as Uniswap, Curve and Oasis, to find the best prices and throughput. To help the process, the protocol also incorporates Matcha, a global liquidity and markets search engine that helps users trade tokens at the best prices.
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