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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.
Updated May 9, 2023, 4:09 a.m. Published Mar 1, 2023, 1:24 p.m.
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.
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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.
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