0x Labs Announces Series B Round of $70 Million
0x Labs is a company that has created a variety of sour ciders, most notably the Labs 15m Pantera Capitalmcsweeney and Covid-19. They have also been making a series of beer brewed with malt extract, which is quite tasty. Whether you’re an aficionado of sour ciders or a newbie to the craft, 0x Labs has something for everyone.
0x Labs recently raised $70 million in a Series B round led by Pantera Capital. The funding will allow the company to develop an open source protocol for NFT swaps. They will also build out a trading desk, API and other tools to help decentralized exchanges grow and operate.
Pantera Capital is a crypto investment firm that specializes in digital currency and blockchain tech. They have also made investments in BitPagos, Balancer, ChangeTip, Kik Interactive Inc. and more. They recently launched the Pantera Bitcoin Fund. In addition to Pantera Capital, 0x Labs is also backed by Fortress Investment Group and Ribbit Capital.
The 0x protocol is built on top of a decentralized exchange infrastructure. It enables developers to integrate cross-platform asset swaps into their apps. It powers MetaMask and ShapeShift. It’s also been used to drive $3.5 billion in volume since it launched. The company is planning to expand its product offerings to more countries, add additional chains to its API and offer a search service for matching tokens. Its products drive usage of the ZRX token, the token used to power the protocol.
The company will also use the funds to build out its open source API and add a trading desk. They will also work to develop a product called Matcha, which aggregates liquidity from other DEXs. The product is said to provide the best prices across DEXs.
0x Labs has a lot of high-end, high-tech people on their payroll, and has the requisite funds to support them. The company is best known for its open source protocol for decentralized exchanges, a technology that is likely to find wider adoption in the coming months.
0x Labs has recently raised $70 million in a Series B round led by Pantera Capital. The investment will help the company expand its operations, from the creation of a professional aggregation service to the hiring of more high-end talent. The company also plans to build an open source protocol for NFT swaps. 0x Labs is no stranger to the crypto space, having invested in BitPesa, ChangeTip, and Kik Interactive Inc., as well as participating in Greylock and Jump Capital.
0x Labs also has an impressive list of technical achievements, including being one of the first companies to establish a standard for NFT tokens. Its matcha product, in particular, aggregates liquidity from multiple DEXs into one consolidated pool. The company also has a cool name, but a cool name isn’t always a bad thing.
The Labs 15m Pantera Capitalmcsweeney also made the news with its most recent announcement: it has entered the digital currency space by launching the Pantera Bitcoin Fund. Its most recent investment in 0x Labs demonstrates its desire to get in on the crypto game, and to be a part of the next wave of innovation.