DEX protocol 0x Labs has raised $70 million in a current Series B financing round. The round was led by equity capital company Greylock Partners, with leading NFT marketplace OpenSea likewise getting in on the action, along with Pantera Capital, Dive Crypto, and Hollywood star Jared Leto.
As of now, 0x is yet to announce how the brand-new injection of funds will be leveraged, and the business’s new assessment also remains undisclosed.
Despite keeping things under wraps, 0x’s current partnership with Coinbase to power its new NFT market may be a good indication regarding where the funds will be heading. The hypothesis is backed up by the positivity which surrounds the collaboration, 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 financing round saw the token increase an additional 15%.
If the totality of the $70 million isn’t spent on a high-profile endeavour, then quite most likely it will be used to develop brand-new or preexisting functions of 0x. In regards to what these functions 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 user interface, designers can break up transactions in between decentralized exchanges such as Uniswap, Curve and Oasis, to discover the best costs and throughput. To help the process, the procedure also integrates Matcha, an international liquidity and markets search engine that assists users trade tokens at the very best prices.
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