Quick take:
- Coinbase also participated in the funding round.
- 0x Labs rolled out NFT swap features earlier this year.
- The features enable users to exchange NFTs across multiple blockchains such as Ethereum, Polygon, Fantom, and more.
Decentralised exchange infrastructure provider 0x Labs has raised $70 million in a Series B funding round led by Greylock Partners. Investors such as Pantera, Jump Capital, OpenSea, Brevan Howard, Reid Hoffman, Jared Leto, and Coinbase also participated in the round.
Coinbase launched its NFT marketplace in beta last week, powered by 0x Lab’s technology. 0x Lab enables the peer-to-peer exchange of assets across multiple blockchains. After the partnership was announced, 0x Labs’ native token ZRX surged from $0.79 to $1.10, its highest level since December. Its market capitalisation rose from $300 million to $930 million.
Earlier this year, 0x Labs rolled out NFT swap features, enabling users to exchange NFTs across blockchains such as Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo. 0x Labs claims to offer up to 54% more gas efficiency compared to other popular NFT marketplace protocols such as Wyvern (used by OpenSea on Ethereum), LooksRare, and Zora v3.
Several Web3 wallets and apps including MetaMask, Coinbase Wallet, Polygon Wallet, Brave, dYdX, Zapper, Zerion, and Shapeshift have integrated the 0x Labs protocol.
The fresh funding will be used to expand the 0x team its product and service offerings, including Matcha, the search engine for tokens; 0x API, supplying multi-chain aggregated liquidity as a service; and 0x Protocol, the open-source, global backbone for decentralized exchange.
According to Forbes, the company also plans to integrate new chains such as Solana and expand its support for NFT swaps.
“All verticals of 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,” said Sarah Guo, partner at Greylock. “The 0x Labs team has been around since the early days of Ethereum and plays such a significant role in the broader Web3 ecosystem. We are really excited to work with the 0x Labs team as they level up Web3.”
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