The startup behind the DEX protocol, 0x Labs, raised $15 million in a Series A funding round. The $15 million raise will help in developing the decentralized exchange product. Prominent players in the crypto industry have invested in the funding round. The Pantera Capital, a prolific investor in the sector, participants from Jump Capital, Coinbase Ventures, Blockchain.com Ventures, Nima Capital, IOSG, and the DeFi Alliance led the Series A funding round.
The Series A round occurs during the auspicious period of the DeFi boom. Decentralized exchanges issued their highest-ever monthly volume in January. Thus, indicating that the non-custodial exchange protocols’ ecosystem seizes a small but expanding segment of the broader market interest in crypto tokens. Moreover, Amire Bandeali, Co-founder and CTO of the 0x project, acknowledged the success of the latest funding round. This involved participation from Coinbase Ventures and various others.
0x Labs executed $2.8 billion trades in six months
However, Bandeali attributed the success to three years of developing the 0x Protocol. Bandeali elucidated that the prospect of 0x seems to accelerate growth and adoption. Moreover, the success of 0x has been a slow and steady grind. The project has operated under the radar for months while expansion proceeded. The decentralized exchange aggregator has previously clocked over $2.8 billion in trades in six months.
0x Labs stated that the Series A round was its first equity round after concluding $24M sale of its ZRX token in 2017. However, the native token of 0x Protocol witnessed a slow and steady ascent over six months and rose to 100% before viewing a six-month decline. The amount of ZRX bottomed at $0.30 towards the end of December 2020. Nonetheless, the slow recovery was levelled by the dramatic funding news. ZRX had succeeded in surging over 130% after the December lows. However, the last three days have witnessed ZRX climb an additional 158% to the new all-time high of $1.99.
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