By
Chimamanda U. Martha
April 23rd, 2024
Binance, one of the top cryptocurrency exchanges, is expanding the range of IEOs hosted on its Launchpad. Now it’s time for WazirX (WRX).
Tuesday, January 21, Binance announces their next project on Binance Launchpad, it’s WazirX. Yes, that is the same they acquired back in November 2019. WazirX is an Indian based cryptocurrency exchange with a native token – WRX. As usual, this IEO takes place in a lottery format where Binance record user Binance Coin (BNB) balances in a specific time period.
The exchange will record their user BNB balances for 30 days. To be honest, the lottery is already happening in full swing because Binance started recording them on January 4th. The balance recording will continue till February 3. Binance explains that they determine the average BNB holding amount for each user from the 30-day average, which they previously announced in 2019. In short:
“Total Daily Average BNB Balance = 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.”
So, basically, Binance will count any kind of BNB you have in your Binance account.
About the WRX Token Sale
The total WRX token supply is 1 billion WRX’s, and WazirX allocates 10% or 100,000,000 to Binance Launchpad. The price of one WRX token will be $0.02. There will be a total of 10,000 winning lottery tickets. WRX will be issued as a BEP2 asset on Binance Chain.
The exchange explains that users will be able to claim up to 10 lottery tickets max. They also remind that in order to participate in the IEO, users need to have a complete account verification. Also, they must be from an eligible jurisdiction.
Coinspeaker has already reported that last year around November, the company started exploring India grounds for its expansion. Binance purchased WazirX, a Mumbai-based crypto exchange. Rumors say that the deal was worth between $5 million and $10 million. Unlike others who flee the country because of the strict government regulations and attitude against cryptocurrencies, Binance once again proves that they’re aiming high by entering the Indian market.
“The young demographic in India gives an edge to adapt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country,” commented Binance CEO Changpeng Zhao.