Ethereum Protocol Tapped by Coinbase for New NFT Platform Surges After Raising $70,000,000 From Crypto Investors

An Ethereum-based decentralized exchange (DEX) protocol is closing a Series B funding round with $70,000,000 in capital from investors.

In blog post, 0x Labs announced the new funding from a slew of veteran crypto investors, including Greylock Ventures, Pantera Capital, and Jump Crypto.

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0x Labs is a San Fransisco-based DEX infrastructure provider that has received attention for its non-fungible token (NFT) swap technology, allowing NFT holders to transfer NFTs across multiple blockchains. Last week, Coinbase announced that its new non-fungible token (NFT) marketplace will be powered by 0x.

0x is also a peer-to-peer platform that facilitates users who want to trade one type of Ethereum-based token for another. ZRX can be used for trading fees and governance.

0x Labs co-founder and co-CEO Will Warren says the protocol’s next mission includes “onboarding the next 100x wave of users.”

“We put our ecosystem of integrators first, because if they succeed, we all succeed. Many of the top crypto companies already use and trust 0x, and we’re ready to take the next big step in our mission by onboarding the next 100x wave of users, businesses, and institutions to Web3.”

ZRX surged 60% after the Coinbase announcement and an additional 15% after the Series B funding round.

ZRX is trading for $0.82 at time of writing, up 10% over the last 24 hours.

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