Coinbase NFT Partnership Sparks 60% Rally for 0x Protocol’s Token, ZRX
DailyCoin
Published Apr 22, 2022 08:00AM ET
Updated Apr 22, 2022 08:31AM ET
Coinbase NFT Partnership Sparks 60% Rally for 0x Protocol’s Token, ZRX
0x (ZRX) is a decentralized exchange infrastructure protocol that bypasses centralized intermediaries to facilitate the trading of assets on the Ethereum blockchain, emerged as the top-performing crypto on April 20 after a surprise partnership with Coinbase (NASDAQ:COIN).
Coinbase NFT to be Built on 0x Protocol
On April 20, after announcing the launch of its much-anticipated NFT marketplace, Coinbase, in a follow-up blog post, revealed that its new social marketplace for NFTs will utilize the 0x Protocol’s “powerful multi-chain NFT swap support.”
0x Protocol offers up to 54% gas efficiency compared to other infrastructures. Coinbase says it will use this architecture to provide better ways to “discover, buy, sell, and connect around NFTs at the lowest transaction costs for their users.”
ZRX Takes to the MOON!
Just hours after the partnership with Coinbase NFT was announced, 0x Protocol’s native token (ZRX) began a rally, which saw the ZRX gain more than 60% at its peak on Thursday, April 21.
ZRX price chart April 20 – 21. Source: Tradingview
At the rally’s peak, ZRX traded as high as $1.17 in its best one-day performance since February 2021, when it rallied alongside the broader altcoin market.
On The Flipside
- Unable to sustain the trend in the bearish market, ZRX has corrected by 11% over the last 24 hours.
- ZRX now trades at $0.902991 and is ranked as the 97th largest crypto with a market cap of $764 million.
The 24 hours price chart of (ZRX). Source: Tradingview
Why You Should Care
0x stands to benefit from the partnership with Coinbase, as the latter is ranked as the second-largest crypto exchange in the world by trading volume.
Continue reading on DailyCoin
Get The News You Want
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.