(Bloomberg) -- The native token of 0x protocol, ZRX, rallied over 50% after the Coinbase crypto exchange announced a partnership with the decentralized exchange infrastructure provider.
Coinbase's nonfungible token marketplace, a beta version of which went live on Wednesday, will be powered by 0x. ZRX rallied to $1.09 per token, its highest level since December, CoinMarketCap data showed. Trade volumes for the token spiked over 3000% in the last 24 hours.
Read more: Coinbase, in Need of Growth, Launches NFT Marketplace at Last
“We're thrilled that Coinbase is using 0x to power their new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space,” Will Warren, co-founder and co-chief executive of 0x Labs wrote in a blog post.
Crypto majors like Binance and FTX have already launched their own platforms for NFTs, and Coinbase is entering the market at time when craze seems to be cooling. Sales on OpenSea, the world's biggest NFT marketplace, are down 67% over the past 30 days, according to data from DappRadar.
The 0x platform launched in 2017 after a $24 million initial coin offering, and raised another $15 million last February in a Series A round led by Pantera Capital with participation from Coinbase Ventures.
Read more: Pantera Capital Adds Blockchain Coins to Venture Capital Fund (2017)
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