Leading cryptocurrency exchange Binance announced to launch WazirX (WRX) token on its Launchpad. Wazir is an India based cryptocurrency exchange that Binance acquired in November 2019.
Lunch of WazirX token
Well, the IEO (Initial Exchange Offerings) will take place in a lottery format. Binance will use its native token BNB (Binance Coin) exclusively to complete the public sale of the tokens. It will record the user balances for 30 days which already started since the 4th of January 2020. The 3rd of February 2020 will be the last date of balance recording.
The Token Sale
Through the lottery system, Binance will select a sum of 10000 users who will have the highest average of BNB balance daily. Previously the exchange explained the Total Daily Average BNB Balance as “Daily Average Spot Account Balance + Daily Average Margin Account Balance + Daily Average Sub-accounts Balance + Daily Average Binance Lending Account Balance + Daily Average Binance Futures Account Balance+ Daily Average Binance Fiat Account Balance.” Those 10000 users will receive 10000 WRX tokens each which is worth around $200 USD. The total token supply of WRX is 1 billion out of which WazirX allocates 10% to its Launchpad. The price of each WRX tokens is to be $0.02 USD. WRX will be issued as a BEP2 asset on Binance Chain.
Changpeng Zhao, Chief Executive Officer of Binance claims even after a developing industry, there is still a significant barrier to furthering crypto adoption. He stated, “The WazirX token sale on Binance Launchpad will enable it to introduce its technology outside of India and allow the Binance community, and beyond, to learn about and support the WazirX team”
Good News For Indian Investors?
India’s central bank RBI stated that cryptocurrency is not banned in India. However, this took place a few hours after the leading exchange launched the token sale of WazirX on its Launchpad. Reserve Bank of India (RBI) clarified that Bitcoin and cryptocurrency are legal in India. Well, this will be a huge relief for Indian investors. Previously due to uncertain regulatory many exchanges had to shut down including Koinex, Coindelta, Coinome, and Zebpay.
WazirX is an Indian cryptocurrency exchange founded in March 2018. It has a monthly trading volume of $30 Million. The exchange supports more than 80 cryptocurrencies including Bitcoin, Bitcoin Cash, and BNB. However, Binance acquired it in November for between $5 million and $10 million.