0x Labs Closes $70 Million Series B Financing Round
0x Labs is a software framework that powers decentralized exchanges (DEXs) and allows developers to create their own. The company previously raised $24 million in a ZRX token sale, and closed a $70 million Series B financing round with Greylock Partners, Jump Capital, and Pantera Capital. It plans to use the funds to develop a 0x API and to build Periscope Trading. It is also investing in Matcha, a platform that aggregates liquidity from other DEXs and marketplaces, as well as from the traditional financial sector of Labs 15m Series Pantera Theblock.
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0x Protocol is an open source framework that allows developers to create and manage decentralized exchanges. It powers applications such as ShapeShift, which has generated more than $3.5 billion in trading volume since its inception. It also powers Zapper, an asset swapping platform, and MetaMask, a popular Ethereum client. It supports ERC-20 tokens, and ERC-721 for non-fungible tokens. The company has recently expanded its API to include liquidity aggregation for other cryptocurrencies.
0x Protocol also has a settlement protocol that executes trade settlements on-chain. This eliminates the need for intermediaries, and allows buyers and sellers to directly contact one another. This is done via an engine that matches buyers and sellers, and allows them to send orders directly to takers. Those takers siphon liquidity from the order book and place orders that are matched without delay.
0x Protocol also has an API that allows developers to integrate cross-platform asset swaps. These swap features are cheaper than other leading NFT marketplaces such as OpenSea and LooksRare, and they allow users to exchange digital collectibles across multiple blockchains. 0x also offers swap features for digital collectibles on a single platform.
0x Labs has a core business model around the trading of ZRX. ZRX is an ETH-denominated token that allows market makers to earn liquidity rewards. Token holders receive a 10% annual percentage yield on their holdings. In addition, token holders can vote on 0x Improvement Proposals, which determine future developments for the 0x protocol. In addition, ZRX token holders can submit funding grants to bolster the 0x ecosystem.
The 0x Protocol also supports a tokenized, off-chain order book. This allows market makers to create orders and collect transaction fees without having tokens held in custody. In addition, 0x can support all smart contract standards, including ERC-20 and ERC-721. It also powers the 0x API, which powers Zapper and MetaMask. The 0x protocol has enabled over $15 billion in trading volume, according to the company. This volume was enabled by the company’s routing architecture, which has been cited as providing the best overall price seven out of 10 times.
The Labs 15m Series Pantera Theblock million in fees to market makers. 0x Labs has also rolled out NFT swap features, enabling users to exchange digital collectibles on multiple blockchains. It has also launched an API liquidity aggregator, and a number of top DeFi applications are powered by the 0x Protocol. The company also has a partnership with Pantera Capital, an investment firm that focuses on crypto assets. The firm has invested in Balancer and The Block, as well as in a number of other decentralized products and services.