0x Labs Raises $70 Million; Sends ZRX Token To The Moon

0x (ZRX), the native token of the decentralized exchange builder 0x Labs has been pumping hard for the last 7 days. A series of positive headlines have helped the coin to become the top grosser among the top 100 cryptocurrencies.

In the latest development, 0x has bagged a $70 million Series B funding. However, the company’s valuation has not been disclosed.

ZRX token prices up by 15%

According to Forbes, The Funding round was led by Greylock Partners which included investors like Jared Leto, OpenSea, and more. In reaction to this big news, the 0x token has surged by over 15% in the last 24 hours. The coin is trading at an average price of $0.8642, at the press time. Meanwhile, its 24 hour trading volume of $197,124,029 has zoomed by over 156%.

The lab operates second largest decentralized exchange aggregator Matcha which handled around $2.13 billion of the total DEX trading. The firm will be focusing to use the fund to build this product to support the NFT ecosystem.

In 2017, the 0x labs raised around $24 million from the ZRX tokens sale. While the other $15 million were raised in a Series A round which was led by the Pantera Capital.

As per the report, Coinbase also participated in the procedure. Last week, America’s largest cryptocurrency exchange launched its non fungible tokens (NFT) marketplace. The whole marketplace will be powered by x technology.

ZRX token surge by 20% in last 7 days

The ZRX token gained most of the benefit from Coinbase’s announcement. The 0x token jumped by almost 50% to touch the $1.10 price level. It is the highest price level the coin has achieved since December. The token price has jumped by over 20% in the last 7 days. ZRX also entered the list of top 100 crypto tokens since its market capitalization rose from $300 million to touch its highest at $930 million.

0x labs grabbed the eyes of Coinbase when 0x Labs launched the NFT swap feature enabling users to interchange digital assets. The feature supports famous blockchains like Ethereum, Fantom, Avalanche, and more.