According to its white paper, the 0x Project intends for the protocol to serve as a building block to be combined with other protocols to drive decentralized applications. 0x seeks to increase transaction speeds and reduce user costs by allowing certain orders to be relayed off the blockchain while settling final transactions on the blockchain.
0x (ZRX) is also the name of a tradable token that was issued by the 0x Project (as ZeroEx,Inc.) in an ICO in August 2017 having earlier raised $775,000 in a SAFT (Simple Agreement for Future Tokens). The SAFT was registered with the SEC in a Form D filing. The 0x Project reportedly raised its seed amounts from various venture firms, including Polychain Capital, Blockchain Capital, Pantera Capital, Jen Advisors and FBG Capital.
In mid November 2020, ZRX had a market capitalization of more than $360 million, making it the 47th largest cryptocurrency in U.S. dollar terms according to online data provider CryptoCompare.
Coinbase, the U.S.-based wallet provider and trading platform, began supporting ZRX in its wallets in early October 2018. The U.S. dollar price of ZRX shot up by 16% on the news. The Coinbase platform announced on October 16, 2018 that its customers would be able to buy and sell the coin from all of their accounts at Coinbase.