Decentralized Exchange Startup 0x Raised $775K in SAFT Sale Last Year

Correction (16th April 5 p.m. EST): An earlier version of this article inaccurately reported that the $775k was drawn from a recently conducted SAFT sale. According to 0x, the funds were sourced from a SAFT sale conducted last year with investors.

This article has been updated to amend the inaccurate information.

Decentralized exchange protocol developer 0x raised $775,000 last year through a Simple Agreement for Future Tokens (SAFT) sale.

A Form D filing with the U.S. Securities and Exchange Commission from April 3 reveals that 22 investors participated in the sale.

Previously, the company said that it raised an undisclosed amount from various venture firms, including Polychain Capital, Blockchain Capital, Pantera Capital, Jen Advisors and FBG Capital. The filing represents the first time that the actual amount raised and the precise number of investors have been disclosed.

The startup garnered $24 million in an initial coin offering (ICO) the company completed last August. At the time, 12,000 backers invested in the startup.

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