Decentralized exchange infrastructure provider 0x Labs raises $70 million

0x Labs, a company that provides infrastructure for businesses to build in the decentralized exchange (DEX) space, has raised a $70 million Series B led by Greylock.

Pantera, OpenSea, and Jump Crypto also participated in the round, according to an announcement. 

DEXs are cryptocurrency exchanges that allow for peer-to-peer transactions to occur without the need for an intermediary, as is the case for a centralized exchange such as Coinbase or Kraken. 

0x Labs says it provides developers and businesses the ability to incorporate DEX functionality into applications. Most recently it partnered with Coinbase, who is also an investor in this round so that the company could launch its own NFT marketplace last week.

The funding will be used to integrate new chains such as Solana, expand support for its NFT swaps feature and grow its DEX aggregator product Matcha. According to The Block Research, trade volumes for Matcha reached a high of $4.86 billion in January of this year.

The news follows similar funding rounds in this space. Most recently, CoW protocol, which underlines the decentralized exchange CowSwap, raised $23 million via a token round. 

About Author

Tom is fintech reporter at The Block. Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. Tom has a bachelors degree in International Relations and Japanese from SOAS, University of London.