0x

Market position

0x operates in an increasingly crowded field of NFT and token marketplaces and exchange protocols, and aims to become the default infrastructure layer for peer-to-peer token transactions across such platforms [1].

0x was selected to power Coinbase's NFT marketplace on the basis of greater gas efficiency than comparable protocols, and therefore lower transaction costs for users. The company also emphasises multi-chain aggregated liquidity and broad wallet and app integrations as a de facto standard for decentralized exchange [0][1].

Technology

An open-source decentralized exchange protocol with an aggregation API, supporting seven major blockchains as of April 2022: Ethereum, Polygon, Fantom, Avalanche, Optimism, BNB Chain and Celo [0][1].

Go-to-market

Growth is driven through integrations with wallets and applications — including MetaMask, Coinbase Wallet, Coinbase NFT, Polygon Wallet, Brave, Matcha, dYdX, Zapper, Zerion and Shapeshift — with the company describing an ecosystem-of-integrators-first approach [0].

Businesses, applications, wallets and institutions that want to incorporate exchange functionality for tokenized assets, plus end users trading via integrated wallets and apps such as Matcha [0][1].

Geography

Remote-first and fully distributed, with team members located across Africa, Asia, Australia, Europe, North America and South America [0].

History

The team has been active since the early days of Ethereum, per investor commentary at the time of the Series B, and contributed to Ethereum standards including ERC721. In April 2022 the company announced a $70M Series B led by Greylock, following the prior week's announcement that Coinbase had selected 0x to power its newly debuted NFT marketplace [0][1].