Decentralized Exchange Startup 0x Raises $775K in SAFT Sale

Decentralized exchange protocol developer 0x raised $775,000 in just a few days through a Simple Agreement for Future Tokens (SAFT) sale, new filings show.

A Form D filing with the U.S. Securities and Exchange Commission from April 3 reveals that 22 investors participated in the round. It is not immediately clear who backed the sale or how the funds will be used.

The new round comes on top of a $24 million initial coin offering (ICO) the company completed last August.

At the time, 12,000 backers invested in the startup. Previously, the company raised an undisclosed amount from various venture firms, including Polychain Capital, Blockchain Capital, Pantera Capital, Jen Advisors and FBG Capital.

0x’s over-the-counter platform is aimed at enabling the exchange of different ERC20 tokens across varying networks, as previously reported. The platform was first released for testing in May 2017.

At the time, founder Will Warren said the startup would not provide a real-time public order book, instead focusing on the creation of open-source tools so that other startups could build their own decentralized exchanges.

To that end, the non-profit startup also developed several infrastructure tools, as previously reported. Warren told CoinDesk that he believed “the quickest path towards realizing our vision is by developing free tools that massively lower the barrier to entry for new for-profit exchanges and their respective markets.”

Data table image via Shutterstock