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0x noted that it shall use these funds to invest in cross-chain functionality and integrate new blockchains and expand its market footprint.
On Tuesday, April 26, decentralized exchange protocol 0x announced that it has secured $70 million in a Series B funding round led by Greylock Partners. Other investors included popular players such as Pantera Capital, NFT marketplace OpenSea, Jump Crypto, etc.
The funding will help fuel the growth of several products and services offered by the 0x protocol. Besides, the DEX is planning to invest in cross-chain functionality and integrate new blockchains, including the non-EVM ones such as Solana. It will also expand the recently launched support for NFT swaps.
Decentralized exchange 0x facilitates peer-to-peer exchange of tokenized assets, including NFTs. It also offers a liquidity programming interface for developers to split transactions between DEXs and and find the best prices and throughput.
DEX protocol 0x said that its new round of funding shall be allocated to its key projects like Matcha, its own search engine for tokens. Speaking of the development, Amir Bandeali, Co-founder and Co-CEO of 0x Labs said:
“0x Labs helps businesses eliminate the complexity of accessing decentralized markets across all layers of the Web3 exchange stack. We provide solutions that make it easy for app developers to incorporate exchange functionality and deliver the best selection of tokens at the best prices to their users. By using 0x technology, businesses will have more time to focus on what matters: their product.”
0x’s Partnership With Coinbase
Last week, America’s largest cryptocurrency exchange Coinbase announced that it has selected the 0x protocol to power its NFT marketplace. The reason behind choosing 0x was greater gas efficiency in comparison to other similar protocols. Thus, it would lead to lower transaction costs. On this development, 0x noted:
“With powerful multi-chain NFT swap support and the most robust feature set of any NFT exchange protocol, 0x was the obvious choice to power the new marketplace. Additionally, with 0x Protocol v4 being up to 54% more gas efficient, Coinbase marketplace users will enjoy low trading costs.”
Soon as the news broke out, 0x’s native token ZRX surged by 54% to $1.12. However, it was just a momentary euphoria as the token price has corrected since and settled at $0.74.
With the latest funding, 0x shall be able to expand its market footprint and emerge as a strong player to contribute to the Web 3 infrastructure.