The CEO and the founder of India’s very own cryptocurrency exchange WazirX, Nischal Shetty, proudly announces the launch of its native token called WazirX token (WRX) that went live on the world’s largest crypto trading platform, Binance, on 4th February 2020.
The eagerly awaited #WazirXLottery took place on the Binance Launchpad on the 3rd and 4th of February 2020. The announcement stated that fifteen lucky winners would get WazirX token worth two hundred US dollars ($200).
Binance launches the much-anticipated WazirX token
Within twenty hours of the launch, WRX managed to raise a whopping two million US dollars ($2 million), successfully concluding Binance’s first initial exchange offering (IEO) of the year 2020. Shetty further declared that within three hours of going live on the platform, the WRX/USDT already boasts of high volumes of token trading on WazirX.
It is essential to point out here that India’s most noteworthy crypto-related business, WazirX crypto exchange, grabbed quite a few headlines last year when the Chinese crypto giant Binance announced the acquisition. With the Indian central bank, the Reserve Bank of India, assuming a reasonably hostile stance over crypto so far, despite offering clarification on its legality, the acquisition deal turned quite a few heads and was expected to be a game-changer for Indian crypto space. Thus, Shetty’s enthusiasm is only justified given the impact it will have on the overall WazirX ecosystem.
In the tweet, Shetty highlighted the potential use cases of the WazirX token and explained how it is a crucial aspect for the growth of the platform and its network. According to him, the token’s use cases include offering accessibility to trading fee discounts, trade mining of WRX, and payment for margin fees.
Binance and WazirX – a beacon of hope for IEOs and Indian crypto space
Meanwhile, recent research conducted by The Block suggested that the once-popular concept of IEOs is, in fact, a dying trend in the cryptocurrency industry today, owing to lack of support from cryptocurrency exchanges, flawed business model and regulatory uncertainties.
Thus, the recent successful stint by Binance only goes to prove that the concept may not be as out of demand as we anticipated. It also raises hope for the crypto ecosystem in India, which, despite having the most extensive user base, only boasts of market capitalization just over ten million US dollars ($10 million) from its largest crypto exchange.
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