Coinbase’s NFT Partner Secures $70 Million In Series B Funding

The NFT industry has continued to receive massive amounts in funding. Very recently, 0X labs, an NFT platform that is partnered with Coinbase, has received a whopping $70 million in its Series B funding. As Forbes noted, the funding was monitored by Greylock Partners, and the valuation is still unknown. 

Ox receives investment from leading NFT platforms

However, the funding round received investments from some of the biggest NFT players in the market. OpenSea, Jared Leto, Pantera, Jump Capital and Coinbase, were some of the notable investors.

In the past, Ox has raised $39 Million in Series Funding. Once via a token sale in 2017, and also once in a Series A equity funding round. Both rounds saw the firm raise $24 million and $15 million respectively. 

Ox, is an Open-source decentralized exchange platform that aids P2P asset exchange on the Ethereum Blockchain. Behind the Ox protocol is the native token 0x (ZRX). 

Ox also recently partnered with Coinbase, to power its social NFT marketplace. The partnership will allow for Coinbase to access NFTs through buying and selling, at a low transaction cost for its users. 

Following the partnership, the ox (ZRX) token recorded a 47% increase in price. Trading volume for the asset also surged 3,000% ; the highest since February of 2021. Although the asset hit $, it is down to $0.86 at press time. 

NFT Series Fundings are on the rise

NFT series funding has been on the rise since last year. In 2022, a significant number of NFT platforms have secured millions in funding. The development can be credited to the rise in the global adoption of  NFTs. 

In January, NFT-based holding firm Metaversal raised $50 million in Series A Funding.

NFT investment firm Sfermion also raised a staggering $100 million in funding. In the near term, it is likely that more NFT platforms will secure even more in funding.