0x Labs recently announced that it had raised a $70 million round of funding. The company is one of the earliest and largest companies to pursue blockchain games, with their first game reaching over 1M players in its first week. Their latest partnership reflects this shift towards cryptocurrency adoption, offering NFTs on Coinbase as well as an exciting new venture into social gaming.
The “coinbase nft marketplace” is a partnership between Coinbase and 0x Labs. This partnership will allow for the exchange of NFTs to be done on Coinbase’s platform. The deal was worth $70 million dollars.
In a recent Series B fundraising round, DEX protocol 0x Labs received $70 million. The investment was headed by venture capital company Greylock Partners, with participation from prominent NFT marketplace OpenSea, Pantera Capital, Jump Crypto, and Hollywood star Jared Leto as well.
0x has yet to reveal how the fresh cash will be used, and the company’s new worth is also unknown.
Despite the secrecy, 0x’s recent agreement with Coinbase to run its new NFT marketplace might be a solid indicator of where the cash would go. The idea is supported by the positive sentiment around the cooperation, as 0x’s native token $ZRX climbed 47 percent after its announcement last week, and the token rose another 15 percent in the 24 hours after its Series B investment round.
If the full $70 million isn’t spent on a high-profile project, it’ll almost certainly be used to develop new or current 0x features. 0x is an open-source decentralized exchange platform that facilitates peer-to-peer asset trades on the Ethereum blockchain, in terms of what these characteristics are.
Developers may divide transactions across decentralized exchanges like Uniswap, Curve, and Oasis using its liquidity application programming interface to obtain the best pricing and throughput. Matcha, a worldwide liquidity and markets search engine that lets users trade tokens at the cheapest prices, is also included in the protocol to aid the process.