0x Labs, the startup behind the 0x exchange protocol and provider of decentralized exchange infrastructure, has just raised $15 million in Series A funding led by Pantera Capital. Those funds will be used to launch a cryptocurrency exchange. Pantera Capital’s investment is expected to be crucial for the future success of 0x Labs.
Professional Aggregation Service
0x Labs, the firm behind the decentralized exchange protocol and ZRX token, has closed a $15 million Series A equity round led by Pantera Capital. The funding will help the firm expand its business globally. The firm will also use the funds to develop a trading desk business and a professional aggregation service. The company will also continue developing the open-source 0x API, which powers some of the leading crypto exchanges, including ShapeShift, MetaMask, and Zapper.
Company’s Technology
The company’s technology allows users to trade tokens with one another across different blockchains, including Bitcoin, Ethereum, Litecoin, and EOS. It also enables developers to easily integrate exchange functionality into their apps, and has over 3.5 million users.
San Francisco-Based Company
The new funding will help the San Francisco-based company expand internationally. The company has an ambitious goal – to make blockchain projects easier to develop. With dedicated services and toolkits, the startup aims to streamline and automate development processes. Today, its platform serves over a million users in 200 countries and is used by the web browser Opera, the Ethereum app CryptoKitties, and Binance Wallet. Its co-founders had previously launched the social app Down to Lunch.
The latest equity round is part of a strategy to expand its services and grow into an emerging crypto-unicorn. The startup previously raised $11 million in Series A funding from 2020, and now plans to raise $100 million more. The company has not made a public announcement about the deal, but information about it was obtain from anonymous sources.
Alphabet
Earlier this year, 0x Labs closed a seed round led by Alphabet. This round was part of its efforts to create a better system for trading in cryptocurrencies. The funding round was strategic in nature, with many of its investors already having commercial relationships with the company. The startup plans to expand its services to traditional hedge funds and large financial services firms.
Launch Crypto Currency Exchange
0x Labs, an entrepreneur behind the Web3 exchange infrastructure, has secured $70 million in funding from Greylock and other investors. The venture also received support from OpenSea and Coinbase. Will Warren and Amir Bandeali are 0x Labs’ CEO and CTO, respectively. The exchange is schedule to launch on June 22, 2020.
0x’s goal is to become the default backer for token transactions. To do this, the company is allocating new funds to several projects, including a matcha token search engine and support for additional blockchains. The company is also expanding its service to more decentralized exchanges, including Ethereum and Solana.
Multi-Chain Exchange
0x’s team is focused on building a decentralize, multi-chain exchange. The 0x Protocol enables peer-to-peer trade of assets across blockchains. The protocol’s infrastructure is easy to integrate, enabling developers to quickly build an in-app marketplace for digital collectibles.
0x also has plans to expand its peer-to-peer NFT trading protocol. The company is launching an exchange with 50 percent lower transaction fees than its competitors. Currently, 0x handles $1.5 billion in weekly transaction volume. By comparison, Uniswap processes almost $50 billion per week.
Decentralized Exchange Networks
The 0x protocol uses relayers to broadcast orders across decentralized exchange networks. The system also allows users to broadcast orders to the network. Although the relayers don’t execute trades, they can help by providing liquidity to other users. They also help to reduce gas costs. By integrating this protocol, 0x hopes to build an innovative cryptocurrency exchange with a future-proof blockchain.
0x is a decentralized cryptocurrency exchange with an open-source code. The platform aims to help investors and traders trade cryptocurrency without the need to use a central exchange. The platform has an open-source code and is free for anyone to use. 0x provides significant long-term potential.
Conclusion:
The company has raised $70 million in Series B funding led by Greylock Partners. Other investors include Pantera, Jump Capital, and Jared Leto. The company also raised $24 million through its ZRX token sale. The 0x platform was launched in October 2016, and it has a goal to make the blockchain the primary trading hub for cryptocurrency. However, it must also reduce the costs of operations for end users.
