Labs Series Pantera CapitalMcsweeney led a $15 million Series A round for 0x Labs, a blockchain gaming company. In addition to its investments in blockchain gaming, Pantera is also planning to raise $1.25 billion in another blockchain fund. The company also plans to invest in the development of developer tools and NFT marketplaces.
0x Labs Raises $15M Series A Led by Pantera Capital
Labs Series Pantera CapitalMcsweeney is a startup that builds the infrastructure behind the 0x exchange protocol. The company raised $15M in a Series A led by Pantera Capital. The company has made significant contributions to the Ethereum protocol and helped establish a standard for NFT tokens. It also has a mission-driven team of top talent from top companies.
Labs Series Pantera CapitalMcsweeney, the firm behind the decentralized exchange protocol and ZRX token, has raised $15 million in a Series A equity round led by Pantera Capital. The new funding will help 0x expand its reach globally and launch a trading desk business. They will also use the funds to continue building their aggregation API and further develop the open-source protocol.
Open Financial System
The startup plans to use the funds to build a more open financial system. It plans to invest in matching services between DEXs, including Matcha. This product will aggregate liquidity from multiple DEXs and provide its users with the best possible price. It also plans to expand its support for NFT swaps.
The Series A round is timed well, as the company is currently in the middle of a Defi (Decentralized Exchange Protocol) boom. In January, the volume of DeFi-related transactions reached its highest monthly total. As the market continues to develop, Pantera Capital is keeping its eyes on the space to ensure the future of the crypto market.
Institutional Asset Manager
Labs Series Pantera CapitalMcsweeney is an institutional asset manager focused on blockchain. It has five different funds that invest in venture capital, early-stage tokens, and digital assets. The latest of these funds is the Blockchain Fund, which will launch in June 2021 and will invest in early-stage and liquidity-level digital tokens. It is open to accredited investors with a minimum investment of $1 million.
The fund is targeting blockchain gaming, which is becoming increasingly popular and mainstream. To achieve this goal, the Fund aims to invest in three layers of the metaverse: the infrastructure layer, the experience layer, and the value-add layer. The goal is to capture the value of a fully developed metaverse. This includes the development of AAA-quality games and a ‘play-to-earn’ economy.
Labs Series Pantera CapitalMcsweeney Blockchain technology is growing rapidly and founders need funds that understand the challenges and landscape. Funds with blockchain expertise are more effective than those with broader backgrounds. For example, Sequoia recently led a $135 million Series A+ investment in LayerZero Labs.
While the three-way collapse of 3AC has disrupted the crypto lending world, many lenders suffered heavy losses. Some were even forced to file for bankruptcy. In the meantime, BlockFi is acquiring FTX US for $680 million. The deal will lay the groundwork for a potential acquisition later this year.
Pantera Capital led the $15M Series A for 0x Labs, a startup that’s developing a decentralized exchange infrastructure. Pantera led the round alongside Jump Crypto, Sound Ventures, A.Capital, and Jared Leto.
Integrating New Chains
Labs Series Pantera CapitalMcsweeney company is focusing on integrating new chains and expanding their services to a wider audience. Currently, they offer an API for developers to integrate cross-chain asset swaps and price hunting. The API has been used to aggregate over $2.7 billion in volume in the last six months. The company also plans to expand support for NFT swaps and develop a support program for integrations.
The funding comes at a time when the 0x token is up 100 percent in just 24 hours. Moreover, this funding round is occurring at a time when decentralized exchanges have seized a small part of the crypto market. Amire Bandeali, co-founder of 0x Labs, is one of the people behind the project. Coinbase Ventures also participated in the latest funding round.
0x Labs will use the funds raised to build Periscope Trading and its 0x API. These products are free to use and are key to the use of the 0x protocol and ZRX token. These tools allow market makers to earn liquidity rewards by using 0x Protocol.