The team behind the decentralized exchange protocol 0x has raised $24 million in an initial coin offering (ICO).

As previously reported by CoinDesk, 0x aims to provide an exchange layer for ethereum-based tokens under the ERC20 standard. An early-stage version of the software was released in May, with the idea being that users can exchange tokens directly between one another – similar to how over-the-counter markets function – rather than going through an exchange service.

The token sale took place between August 15 and 16, collecting the $24 million worth of ether – the cryptocurrency of the ethereum network – from a group of 12,000 backers, according to the 0x team.

The project itself drew support from a group of venture capitalist firms including Polychain Capital, Blockchain Capital and Pantera Capital, along with Chinese investment firms Jen Advisors and FBG Capital, all of whom contributed in exchange for discounted tokens during the sale.

The fundraise represents the latest conducted through the ICO model. It’s one that has attracted interest in the startup world, as well as those who are positioning themselves to regulate activities in the space, including the US Securities and Exchange Commission.

According to data from CoinDesk’s ICO Tracker, nearly $1.8 billion has been invested via token sales to date. Of that amount, more than $500 million was raised in July alone.

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