WazirX conducts India’s first IEO, launches WRX coin

• On February 5, WRX became available for live trading on Binance, which had acquired WazirX recently.
• This is a significant achievement for the Indian crypto market, as it will likely lead to global recognition. 

WazirX, an Indian crypto exchange, has launched its WRX coin through an initial exchange offering on Binance Launchpad. The exchange has pulled this off despite regulatory uncertainty and banking restrictions imposed by the Reserve Bank of India. Binance recently acquired WazirX and on February 5, WRX became available for live trading on Binance. this is a significant achievement for the Indian crypto market, as it will likely lead to global recognition. 

According to an earlier Cointelegraph report, the 9,033 winners of WazirX’s token sale on Binance Launchpad were announced. More than 20,000 individuals participated and over 136,000 tickets were claimed. Speaking with Cointelegraph, Nischal Shetty, founder of WazirX, said that this move has brought positive energy into the entire Indian ecosystem, which was much needed.

This is the much needed good news for the Indian community because from the last two years, with the bear market and the banking restrictions, Indian crypto ecosystem needed a huge morale booster.

One of WazirX’s competitors, CoinDCX, has also announced the listing of WRX token on its trading platforms. Sumit Gupta, co-founder and CEO of CoinDCX, said:

We are happy about the achievement of WazirX team. Their efforts have paid off and this is definitely a positive sign for the Indian crypto ecosystem.

Regarding the IEO and WRX token, Shetty said that it is very similar to Binance’s BNB token, and that “Binance grew as a result of the crypto-to-crypto trading and we want to grow WazirX as a result of unwavering focus on peer-to-peer fiat-crypto options.”

WazirX was founded in 2017 by Shetty and in 2018, he launched an auto-matching peer-to-peer engine-based platform. This was a few days before the Indian central bank issued the banking ban due to which many crypto exchanges were suspended. However, the peer-to-peer model became popular among Indian traders. Shetty is now planning to launch this model in other countries as well. 

In many countries, banking is an issue or banking APIs are slow and expensive. We have the plan to launch WazirX Peer-to-Peer platform in such countries to solve crypto trading-related problems.