0x and Celo Partner to Allocate $4.5 Million in Joint Funding to Bring Billions of New Users Onto 0x-Powered Applications

By AIT News Desk On Dec 6, 2021

0x Labs, a global blockchain company building decentralized exchange infrastructure for the internet, announced that in addition to launching its free-to-use 0x API service on the Celo blockchain, 0x and Celo have partnered to allocate $4.5 Million in joint funding to the community-owned 0x DAO. The funding, consisting of $3M in CELO and $1.5M in ZRX, will be used to bring 6 billion new users onto 0x-powered applications running on the Celo blockchain.

0x Labs’ co-founder and co-CEO, Will Warren, commented, “We’re excited to work even more closely with Celo to bring DeFi to 6 billion smartphone users on 0x-powered apps. With this additional 0x DAO funding, ZRX token holders have more empowerment to drive 0x adoption and enact positive change in the world through the use of community treasury funds.”

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“We’re currently building an ecosystem making the benefits of DeFi accessible to the billions of mobile-first users around the world,” said Xochitl Cazador, Head of Ecosystem Growth at Celo. “Our collaboration with 0x is more than simply promoting the development and adoption of 0x-powered apps on the Celo network. It’s bringing together two like-minded organizations to continue fostering the rapid expansion of truly decentralized DeFi with the 0x community DAO.”

Businesses use 0x API to power their DeFi applications across a growing number of blockchains, including Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and now, Celo.

Since launch, 0x API has facilitated over 22M trades from more than 1.8M unique traders that represent over $56 billion in volume. The 0x API makes it easy for DeFi developers to tap into fast and reliable aggregated DEX liquidity so they can focus on what matters the most: their product.