The new funding brings 0x Labs’ total capital raised to date to $27.5 million and will be used to expand its team, build out its developer platform and ecosystem, and launch a community-run governance system for the protocol. The investment round saw participation from Polychain Capital, Blockchain Capital, fintech unicorn Stripe, Coinbase Ventures, ParaFi Capital, and others.
Commenting on the news in a press release on August 26th, Will Warren, co-founder & CEO of 0x Labs stated: “We are ecstatic about the overwhelming support we have received from our investors as we continue to execute against our mission of creating infrastructure that advances humanity towards a more open financial system. This funding enables us to continue developing our platform and growing the 0x community.”
0x Labs is best known for creating the protocol that powers the automated trading of Ethereum-based tokens, which has been used in over $250 million worth of transactions since its launch. The 0x Protocol supports a decentralized exchange infrastructure that enables developers to create their own cryptocurrency exchanges without having to build from scratch or manage orders on their own servers.
The San Francisco-based startup is currently working on launching version 3 of its protocol, which will focus on scalability and growth optimizations as well as introducing a new governance model designed to empower users through decentralized decision-making. The company also plans to use part of the funding to grow its community with resources.