ZRX Token Skyrockets as Coinbase Teams Up with 0x for NFT Marketplace
The major crypto exchange Coinbase has teamed up with 0x Protocol (ZRX) to power its new social media-inspired non-fungible token (NFT) marketplace. The news triggered a massive jump in the price of 0x’s native token ZRX.
As of Thursday at 09:45 UTC, ZRX, ranked 103rd by market capitalization on CoinGecko, was trading at USD 1.09 and was up 50% in a day. The price doubled in a month.
ZRX price year-to-date:
The new partnership will allow Coinbase to keep transaction costs for users on its NFT platform low, while offering a powerful multi-chain swap mechanism for NFTs, an announcement from 0x said.
0x Protocol is an infrastructure solution for decentralized finance (DeFi) applications that makes swapping between assets on Ethereum (ETH) easier and more cost-effective for users without handing over custody of the assets to a centralized party.
Coinbase said on Wednesday that its new NFT marketplace had opened for beta users. The new marketplace incorporates aspects of social media such as likes and comments on posts.
- Bitcoin Maintains Dominance Despite Massive Proliferation of Altcoins
- Crypto Market Rises Amid ‘Altseason’ Hopes, Some Bitcoin Whales Selling
- Coinbase Faces Criticism Again for Listing ‘Dead’ and ‘Stupid’ Tokens
- Stablecoins See Growth With Crypto Market Stuck in ‘Bearish Lull’