0x Labs (ZRX) Token Surges 20% as Protocol Teams Up With Robinhood Wallet and Polygon to Build Relay Network

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 a relay network.

Crypto exchange 0x Labs (ZRX) announced Wednesday the launch of a beta Tx Relay application programming interface (API) that will enable users to easily trade tokens without having to top up their wallets across multiple blockchains.

The API will also provide users with deep liquidity from 0x's market makers and 70 exchanges.

"This will enable any platform or application to offer quick and easy token swaps, powered by 0x technology and liquidity," 0x stated.

The firm added that the first platform to use the API will be Robinhood Wallet, the recently launched crypto wallet from popular trading app provider Robinhood.

"We're excited to work with 0x Labs to provide users with a fast, secure and cost-efficient way to trade any token, directly within their self-custodial wallets," said Johann Kerbrat, crypto lead at Robinhood.

The integration will reportedly allow users to swap tokens directly within their wallets, without having to navigate decentralized exchanges or pay high gas fees.

"We're thrilled to have 0x technology power token swaps within the new self-custodial crypto wallet from Robinhood," said 0x Labs Head of Product Elis Dourado.

The native token of 0x Labs, ZRX, surged nearly 20% over the past 24 hours to trade at 31 cents at the time of writing, according to CoinDesk data.

The token has seen a strong recovery in 2023, after bottoming out at 11 cents in December.

0x Labs, which closed a $24 million initial coin offering in 2017, raised an additional $70 million in a funding round last April, with participation from NFT (non-fungible-token) marketplace OpenSea and Jump Crypto, a unit of Jump Trading Group.

Robinhood, meanwhile, has been ramping up its crypto activity over the past year, listing several cryptocurrencies within its trading app before rolling out the web3 wallet in September.

The firm also recently launched a pilot program for users to trade dogecoin (DOGE) and shiba inu (SHIB) tokens, despite facing criticism for the move.