0x Labs Raised $70M In Series B By Greylock: Report

0x labs raised $70 million in Series B fundraising led by Greylock and others that took part in the round included Pantera Capital, Coinbase and OpenSea so let’s read more today in our latest altcoin news.

0x labs raised $70M in a Series B funding round with the news coming on the heels of last week’s announcement that America’s biggest exchange Coinbase chose 0x to power its social NFT marketplace. Coinbase took part in the 0x Series B which was led by Greylock and OpenSea, Pantera Capital, as well as Jared Leto, who took part in the fundraising as well.

0x allows for the peer-to-peer exchange of tokenized assets like NFTs which prove ownership of a unique digital item and 0x even secured the Coinbase partnership by offering greater gas efficiency than other protocols which lowers the transaction cost for users. Upon the news of Coinbase last week, 0x’s token ZRX surged by 53% to $1.13 and the tokens’ price settled back to $0.74 after getting a slight bump this morning.

In the meantime, Coinbase’s stock hit an all-time low last week after the beta launching of the 0x powered NFT marketplace and since then, the crypto exchange stock continued to slide and hit a new low of $128 today. Coinbase’s marketplace launched a few months later than the originally planned idea and joined a new ecosystem of similar marketplaces like Rarirble, Foundation, OpenSea, LooksRare, SuperRare, and Nifty Gateway. As the NFT ecosystem and the token marketplaces become more crowded, 0x seeks to become the default backed of the P2P token transaction for the platforms.

0x’s new round of funding has been allocated for multiple projects like Matcha and its search engine for tokens while expanding services to additional blockchains and now supports seven such as Polygon, Fantom, Avalanche, Ethereum, Optimism, CELO, and BNB Chain.

The 0x new version will soon allow any project using the protocol’s smart contract to offer swaps between NFTs and just like traditional swaps, NFT swaps allow enthusiasts to trade one digital collectible for another. 0x is now available to users of Ethereum, Optimism, Fantom, Avalanche, Binance Smart Chain, and more. The new swap offering will be the first launched on Ethereum and then the community of ZRX token holders will vote on which chain they should get launched after that.