The startup plans to attract $ 2 million for the February sale of tokens.
Binance announced on Monday that the tenth IEO on Binance Launchpad will be WazirX – Wrx coin (WRX), an exchange token for WazirX, India's starting cryptocurrency exchange and P2P platform, which was acquired by Binance in November.
According to ad, the sale of WazirX tokens will be held in a lottery format based on Binance Coin (BNB) holdings, while accounting for BNB user balances began on January 4 for this sale. The ticket application begins on February 3, and winning tickets will be announced at 3:00 (EST) on February 4.
WazirX plans to raise $ 2 million. US for the sale of 100 WRX or 000% of the total supply of WRX, which will give the project a fully diluted market capitalization of $ 000 million. USA. The startup had previously sold 10 million WRX in a private sale, which raised $ 20 thousand.
“In 2020, Binance Launchpad continues its mission of supporting innovative crypto startups and start-ups. Despite the fact that the crypto industry is actively developing, the transformation of the decree into crypto, and vice versa, still remains a serious obstacle to the further adoption of crypto. The WazirX team has found an effective solution to this problem by developing a unique P2P engine,” said Binance CEO Changpeng “CZ” Zhao. “The sale of WazirX Tokens on the Binance Launchpad will enable WazirX to bring its technology beyond India and allow the Binance community and beyond to get to know and support the WazirX team.”
“WazirX P2P has tremendously helped India participate in the crypto revolution. We are determined to help millions of people in crypto by solving the global crypto challenge with the world's first self-consistent P2P mechanism,” added WazirX Founder and CEO Nischal Shetty. “WRX helped WazirX get all the early adopters of crypto in India and it is currently the most popular exchange token in the country. IEO WRX will help us solve the problem of converting fiat to cryptocurrency in many countries around the world.”
WazirX allows users to trade over 80 digital assets on its platform, including Bitcoin (BTC), BNB, BCH, Litecoin (LTC), and Dash (DASH). The startup claims to already have over 200 users in India.