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0x's Token Surges 20% on Tx Relay Development Deal With Robinhood Wallet, Polygon
With the Tx Relay product, one digital wallet can be used across different blockchains.
The native token of decentralized exchange 0x Labs (ZRX) surged nearly 20% Wednesday as the protocol agreed to work with Robinhood Wallet and Polygon to build Tx Relay product.
The firm announced that the Tx Relay API is in beta mode and will allow users to easily trade without having to load up their wallets across multiple blockchains. Tx Relay will also provide deep liquidity from 0x's market makers and 70 exchanges.
STORY CONTINUES BELOW
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Robinhood Wallet will be the first platform to use the application programming interface, or API.
After closing a $24 million initial coin offering in 2017, 0x Labs raised an additional $70 million last April in a funding round that included investments from NFT (non-fungible-token) marketplace OpenSea and Jump Crypto, a unit of Jump Trading Group.
Robinhood Markets (HOOD), meanwhile, has been prolific in its crypto activity over the past year; listing several cryptocurrencies within its trading app before rolling out a web3 wallet in September.
ZRX was recently trading at about 31 cents, a 20% gain over the past 24 hours, according to CoinDesk data.
CORRECTION (Mar. 8, 2023, 07:20 UTC): Corrects the headline and story to indicate that Tx Relay is the name of the product.
UPDATE (Mar. 1, 13:42 UTC): Adds additional information.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
