Mumbai | 22nd January 2020: WazirX––India’s most trusted bitcoin exchange with the world’s first auto-matching P2P (peer-to-peer) engine––has announced the launch of its token sale (WRX) over Binance Launchpad––Binance’s token launch platform for transformative blockchain projects. The token sale on Binance Launchpad will commence at 00:00 UTC on February 3, 2020 with a lottery-format ticket claim.
WazirX is focused on solving the fiat-to-cryptocurrency conversion problem and simplifying the process of depositing and withdrawing fiat. In India, over 200,000 local users are able to deposit and withdraw cryptocurrencies, as well as use WazirX’s unique peer-to-peer solution to cash in and cash out cryptocurrency to Indian rupees with ease and speed. According to an estimate, there are currently more than 5 million crypto traders in India and the figure seems to be constantly growing. The launch of WRX on Binance is expected to further fuel this trend.
“In 2020, Binance Launchpad continues to pursue its mission to support innovative crypto and blockchain startups. Despite the fact that the crypto industry is actively developing, сonversion from fiat into crypto and vice versa still remains a significant barrier to furthering crypto adoption. WazirX’s team has found an effective solution to this problem by developing a unique P2P engine,” said Binance CEO and Founder, CZ (Changpeng Zhao). “The WazirX token sale on Binance Launchpad will enable WazirX to introduce its technology outside of India and allow the Binance community, and beyond, to learn about and support the WazirX team.”
“WazirX P2P has tremendously helped India participate in the crypto revolution. We’re determined to help onboard millions of people to crypto by solving the global fiat to crypto problem with the world’s first auto-matching P2P engine,” said Nischal Shetty, WazirX Founder and CEO. “WRX helped WazirX attract all the early crypto adopters in India, and currently, it’s the most popular exchange token in the country. The IEO of WRX will help us solve the fiat to cryptocurrency conversion problem globally for many more countries.”
“Fiat on-ramps play a critical role in deciding the size and adoption of cryptomarket. Binance has all the major traders in the world and WazirX has tried and tested technology for next-generation peer to peer exchange, together we can drive mass adoption across the globe by solving fiat ramps,” said Siddharth Menon, WazirX COO.
In addition to its P2P service, WazirX allows users to trade more than 80 digital assets on its platform, including Bitcoin, BNB, Bitcoin Cash, Litecoin and Dash. Following this Launchpad token sale and since its acquisition by Binance in November 2019, the WazirX team will expand further into the markets of other developing countries where problems similar to India are observed.
To the holders of WRX, the native token of the WazirX ecosystem, the project team intends to provide various benefits, such as trading fee discounts, WRX trade mining (through which you can unlock and earn WRX tokens by performing trades), paying for margin fees, and others. The WRX token is based on Binance Chain and there will be a maximum supply of 1 billion WRX tokens. The ingenuity of the digital asset is projected to increase its value, utility, and liquidity over the coming years.
Binance Launchpad continuously adjusts its system to provide additional fundraising features and improvements on the blockchain in the best interest of its community. In 2019, 11 projects hosted token sales on Binance Launchpad, reaching more than 100,000 users and raising over $56 million USD in funds.
