0x Labs, an open protocol that enables peer-to-peer trading of assets, announced that it has raised $70M in a Series B round led by Greylock.
Other investors in the round include Pantera, Sound Ventures, A.Capital, Jump Crypto, OpenSea, Coinbase, Brevan Howard, Reid Hoffman, and Jared Leto. The announcement comes a year after raising $15M in a Series A round in 2021, led by Pantera Capital.
How will the funding be used?
The funding will enable 0x Labs to accelerate the growth of its team, product, and service offerings, including Matcha (a search engine for tokens) 0x API (supplying multi-chain aggregated liquidity as a service), and 0x Protocol (open-source, global backbone for decentralised exchange).
Further, the company plans to continue integrating new chains, including non-EVM ones such as Solana, invest in cross-chain functionality, expand its newly introduced support for NFT swaps, and deliver an even higher level of support to integrators.
Amir Bandeali, Co-founder and Co-CEO of 0x Labs says, “0x Labs helps businesses eliminate the complexity of accessing decentralised 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.”
Building exchange infrastructure for web3
Will Warren, Co-founder, and Co-CEO of 0x Labs says, “We put our ecosystem of integrators first because if they succeed, we all succeed. Many of the top crypto companies already use and trust 0x, and we’re ready to take the next big step in our mission to ‘build a tokenized world where all value can flow freely’ by onboarding the next 100x wave of users, businesses, and institutions to web3.”
Currently, 0x supports seven major blockchains: Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo.
So far, 0x has enabled over $158B in tokenised value to flow across 43M+ trades. There are 3.5M+ users across all wallets and app integrations that are using 0x for their P2P exchanges.
Developers can use 0x to easily incorporate exchange functionality into their applications and create new markets for all tokenised assets and value, including cryptocurrencies, DeFi tokens, and NFTs.
The company has a diverse team composed of top-tier talent from Coinbase, Google, Meta, Bitso, Microsoft, Citi, Spotify, and other top companies.
The company is remote-first and fully distributed, with team members located across Africa, Asia, Australia, Europe, North American, and South America.
Sarah Guo, Partner at Greylock, says, “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. 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.”