0x Labs Gets $70M in Series B to Further Web3, DEX Efforts

key takeaways

0x Labs said the fresh injection of capital will go toward its product and service offerings, including Matcha and the 0x protocol
The protocol has been picked up by Coinbase and will power the major exchange’s NFT marketplace

Decentralized exchange infrastructure provider 0x Labs has raised $70 million in fresh capital that it says will help further its products and service offerings.

Silicon Valley-based venture capital firm Greylock led the round, according to a statement on Tuesday. 0x Labs provides exchange functionality for tokenized assets including various cryptos, decentralized finance (DeFi) tokens and NFTs.

Several notable investors also participated, including Pantera Capital, Sound Ventures, A.Capital, Jump Capital, OpenSea, Coinbase, Brevan Howard, Reid Hoffman and actor Jared Leto.

The San Francisco-based firm said it would use the funding to fuel “continued growth” in its token search engine Matcha, as well as 0x API, an aggregated multichain liquidity-as-a-service. Matcha, which launched in June 2020, was a major focus of the firm’s $15 million Series A led by Pantera.

Funding will also go toward 0x’s protocol which provides a peer-to-peer exchange of assets on the Ethereum blockchain as well as efforts to integrate new chains including Solana.

The protocol has been picked up by Coinbase and will power the major exchange’s NFT (non-fungible token) marketplace – released in beta last week to considerable fanfare.

0x currently supports seven blockchains: Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain and Celo.

Earlier this year, 0x Labs launched a set of NFT swap features, allowing users to exchange digital collectibles across multiple blockchains.

“We are still very early on the [decentralized exchange] adoption curve,” Greylock partner Sarah Guo said in the release. “0x Labs…is perfectly positioned to lead the Web3 charge as more and more value is tokenized and needs a standard to be moved and exchanged.”

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