All Things You Should Know About WazirX
The core team led by Nischal Shetty had an ‘’idea’’ to bring transparency into P2P exchanges&trading platforms firstly in India, then all around the world in February 2018. To achieve this ‘’basic’’ feature, the team created the WazirX Exchange with the feature of ‘’the most trusted cryptocurrency exchange’’ goal. They’re not the first and won’t be the last on the infinite crypto ecosystem but the main goal brings them into the current place is absolutely that! Let’s look further into WazirX…
How did they start?
On 1st of February, 2018 the CEO of WazirX Nischal Shetty shared a Medium article on his individual blog. In this article, we understand that the CEO had some issues over the current cryptocurrency exchanges at that time with their ‘’transparency policy’’. He stated that they solved problems about social media management via Crowdire. He described this as a ‘’challenge’’ and bringing transparency to the crypto world became his next target.
‘’We’re building an exchange that will bring anyone who believes in crypto to join the digital cryptocurrency revolution. The world is moving on to this revolution at an unprecedented pace.’’
Why ‘’WazirX’’?
Everyone knows that there are 5 chess pieces different than ‘’check-king’’. The ‘’queen’’ is the leader of the chess pieces with its unlimited movement capacity and strength. And ‘’wazir’’ is one of the local expressions of the queen in the chess game. The team believes that they will bring the strength and speed of the crypto ecosystem into India and they agreed to use ‘’WazirX’’.
As you know, the upgrade of the ‘’pawn’’ into the ‘’queen’’ is one the most specific, also the most special movement. In my opinion, they used this word because they believe to bring the superiority of the cryptos into our daily lives via WazirX.
Why ‘’INDIA’’?
India, with over 1 billion people, is the 2nd most crowded country in today’s world. So it has a very huge potential to reach people. With the features they built, the main goal is ‘’to share the wealth instead of hoarding it’’. So sharing the benefits of crypto worlds with Indians make them reach one of their primary goals.
Also, they’re from India. Maybe this is one of the reasons.
What are the features that WazirX provides for its users?
The main goal at the beginning is ‘’to bring transparency’’ as I said. But it’s not the only one. They became one of the leading cryptocurrency exchanges both in India, also all around the world. Firstly, ‘’the speed of transactions’’ is too high when sending/receiving even though it’s not as easy and fast as bank transfers. The availability of reaching anyone is another factor. Because when we think about the crowdedness of Indian cities, reaching banks ‘’at anytime you want’’ should be a problem. Besides that, the WazirX platform is available on 5 different platforms so you can use it anywhere you want.
You can search for other properties on the official website.
What is WRX token?
As a standard, every exchange creates its own token. So we can basically define ‘’WRX’’ as an exchange token. ‘’WRX’’ was created on BinanceChain BEP2 with a total supply of 1,000,000,000. You can check the allocation details on the 16th page of the whitepaper. As you can see here, 15% of the total supply is for ‘’WRX Airdrop & Mining activities’’, which explains to us the other utilization areas of WRX. The airdrop amount and mining details will be based your WRX holding amount so they award ‘’the believers of WazirX’’ continuously.
Fee deduction is another term in WRX utility. The team decided to lower the exchange trading fees in the following 4 years by lowering the percentage. If you hold WRX, you can earn from airdrop and fee deduction at the same time. Check this article for details.
In the upcoming future, the team plans to burn 10% of the total supply of WRX in different periods of time. The burnings will be notified to the community. And another 10% the of total supply of WRX was used for Binance Launchpad and 5% for private sale again on Binance. You can check the detailed information about the token sale of WRX with the related Binance Research Report.
Binance Partnership
After several weeks from the launch of WazirX, RBI (The Reserve Bank of India) has announced a complete ban of cryptocurrencies which takes total prohibitions to crypto sales, purchases or trading. This may cause the end of the story at the very beginning. But the expert team has achieved to overcome this situation and on the 4th of March, 2020 RBI lifted this ban.
Within this 2 year-period, WazirX gets acquired by Binance which is the current leader of the crypto ecosystem all over the world. And you can read the full announcement about the partnership here. WazirX is the leader crypto exchange in India and Binance is the most well-known and trusted company in the crypto world. So the partnership will increase both 2 teams’ reputations and one of the goals of WazirX has been reached.
The IEO price of WRX was 0.02 per token, and it peaked up to 2600 sats which equals about 13X within a 1-month period. So Binance users are excited and interested in WRX, also. Besides that, it shows us that what a good partnership between 2 exchanges was made.
‘’WazirX revolutionize the P2P segment the way Binance has revolutionized the crypto-to-crypto segment.’’
How to Use WazirX?
The answer is simple and you have 2 different options to use WazirX. Firstly you can create an account via using e-mail and placing a password for it. But you don’t have to do it if you’re currently a registered Binance user. You should just click the ‘’Login via Binance’’ part at the bottom of the login page. It will direct you into the Binance website for login and then back to WazirX back. And you’re in.
If you don’t have a Binance account, you can register here.
If you don’t have a WazirX account, you can register here.
