Decentralized exchange infrastructure provider 0x Labs raises a $70M Series B led by Greylock Partners with OpenSea, Coinbase, and others participating
San Francisco-based decentralized exchange infrastructure provider 0x Labs has closed a $70 million Series B financing round led by Greylock Partners at an undisclosed valuation.
Context & Ripple Effects
0x Labs is stepping up from the $15M Series A it raised in early 2021 to a $70M Series B, with Greylock leading and two of its most likely customers — marketplace OpenSea and exchange Coinbase — buying in strategically. That investor mix matters more than the size: the round ties the maker of swap-routing infrastructure directly to the platforms that would embed it.
The raise lands mid-cycle in a crowded field: Uniswap Labs followed months later with a far larger $165M Series B, while cross-chain players like Portal and, later, Ostium kept pulling dedicated capital — confirming that investors treat DEX plumbing, not just consumer apps, as a fundable layer.
First-order effects
- Greylock gets a lead position in the 0x protocol's commercialization, while OpenSea and Coinbase secure privileged alignment with the routing infrastructure their own trading volumes depend on.
Second-order effects
- Uniswap Labs' much larger Series B later the same year forces the comparison onto scale: 0x must convert strategic backing into distribution across wallets and marketplaces to keep pace with a rival raising at multiples of its round.
Third-order effects
- If the pattern holds, centralized exchanges and NFT marketplaces keep hedging by funding the decentralized rails they might otherwise compete with — concentrating DEX infrastructure among a few well-capitalized protocol providers rather than many independent ones.
The trend: Crypto trading is consolidating around a capital-intensive infrastructure layer, with incumbent exchanges and marketplaces bankrolling the very protocols that route around them.