0x Labs, the company behind the 0x open-source decentralized exchange, has raised $70 million in a Series B round led by Greylock. According to a press release, other investors, including Pantera, Sound Ventures, OpenSea, Coinbase, and Jared Leto, also participated in the funding.
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The company says the funding will help it to continue its growth and expand its product and service offerings. 0x Labs also plans to add support for new chains, invest in cross-chain functionality, and expand its support for NFT swaps. Currently, 0x supports several major blockchains like Ethereum, Optimism, and Celo, but the company plans to expand this list with Solana and other networks. To date, 0x has generated over $158 billion in tokenized value to flow across 43 million trades.
The funding comes just a week after Coinbase announced launched its social marketplace for NFTs powered by 0x. The company added that its fourth version of 0x Protocol is up to 54% more gas efficient than previous models, which brings lower trading costs.
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