Could WRX Become Popular with Global Clients?
Last November, Binance made the surprise acquisition of the Indian cryptocurrency exchange WazirX. WazirX offered a peer-to-peer solution to cash in and cash out cryptocurrency to Indian rupees fast & easily. This move helped Binance accept Indian Rupees as an accepted currency to deposit on their platform and expand to the sub-continent.
WazirX Token to Hit Binance's Launchpad
Following a roughly a month without any projects on their launchpad Binance have announced the next project to grace its Launchpad. That token is the WazirX Token (WRX).
WRX is a utility token which will have multiple benefits such as discounts on trading fees, WRX trade mining (through which you can unlock and earn WRX tokens by performing trades), paying for margin fees, and others. It will launch on Binance Coin's native chain and will be a BEP2 type token standard.
As with other IEOs on the platform, participation in the IEO will be a lottery style selection depending on BNB balances. Clients in the U.S., China, North Korea, Belarus, and a few others will be barred from participating. The hard cap will a low $2 million with a total token supply of 100,000,000. The public sale token price will be 1 WRX = 0.02 USD and only BNB will be accepted to participate.
"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, Ñonverting fiat into crypto, and vice versa, still remains a significant barrier to furthering crypto adoption. The WazirX team has found an effective solution to this problem by developing a unique P2P engine," said Binance CEO, CZ.
Time will tell if this will be one of the more successful Binance Launchpad such as Matic, or will disappoint its holders like Celer.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado