0x Project raises $15 million in Series A

0x Labs, specializing in infrastructure solutions for decentralized exchanges (DEXs), raised $15 million in a Series A funding round.

0x Labs has raised $15M in Series A financing to accelerate the growth of decentralized exchange markets on a global scale.

Read the full announcement here: https://t.co/ECwesxPPK3

Here’s to the year of the 0x 🐂 and beyond!

— 0x 🍵 (@0xProject) February 5, 2021

The round was led by venture firm Pantera Capital. Also participating were Jump Capital, Coinbase Ventures, Blockchain.com Ventures, Nima Capital, IOSG, DeFi Alliance and other market players, including “operators, market makers and developers in the DeFi space”.

The funds will be used to develop the liquidity-aggregation platform with the Ethereum-based exchange Matcha, whose launch took place last summer.

According to DeBank, the Matcha platform ranks fifth by trading volume among DEXs, behind Uniswap, SushiSwap, 1inch and Curve.

Following the news of the investment in 0x Labs, the project’s token price jumped from around $0.80 to $2 and stabilised around $1.40.

Four-hour ZRX/USD Coinbase chart from TradingView.

In late January, the 0x introduced a new version of the protocol with lower gas costs and an intelligent order-routing algorithm.

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