On Monday, Binance revealed that the tenth initial exchange offering (IEO) on the Binance Launchpad will be WRX Coin (WRX), the exchange token for WazirX, a startup Indian cryptocurrency exchange and P2P platform that was acquired by Binance in November.
According to the announcement, the WazirX token sale will follow a lottery format that is based on Binance Coin (BNB) holdings, with the recording of user BNB balances having started on January 4 for this sale. The ticket claim starts on February 3 and the winning tickets will be announced at 3:00 am (EST) on February 4.
WazirX plans to raise $2 million in the sale for 100,000,000 WRX or 10% of the total WRX supply, giving the project a fully diluted market cap of $20 million. The startup previously sold 50,000,000 WRX in a private sale that raised $960k.
“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, сonverting 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,” stated Binance CEO Changpeng “CZ” 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,” added WazirX founder and CEO Nischal Shetty. “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.”
WazirX allows users to trade more than 80 digital assets on its platform, including Bitcoin (BTC), BNB, Bitcoin Cash (BCH), Litecoin (LTC) and Dash (DASH). The startup claims to already have over 200,000 users in India.
You sign up for the exchange here.
More: Indian exchange WazirX with unique P2P solution to inaugurate Binance Launchpad’s 2020 token sale season
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.