Indian crypto community was idle and dormant from long due to the uncertainty in regulations, banking restrictions and unwelcome decisions by the Reserve Bank of India. In defiance of all these, WazirX — the Indian cryptocurrency exchange, acquired by Binance launched its IEO on 5th Feb 2020 in Binance launchpad. Now Binances’s WRX token is on IEO with rising trade volumes. WazirX launched its IEO– is considering as big news in the crypto industry.
There was an announcement of 9033 winners on Binance’s Wazirex token sale over launchpad. Moreover, over 20,000 users participated. And more than 136,000 tickets claimed as per sources.
Wazirx CEO- Nischal Shetty Opinion
The CEO of Wazirx exchange – Nischal Shetty spoke to the media on this. And he told that- this new lease of loof brought a huge change in the cryptocurrency ecosystem in India. He also added Indian crypto ecosystem needed a huge morale booster.
Talking about the IEO and WRX token, Shetty said this is very similar to Binance’s BNB token. Also adding 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 cryptocurrency exchange started in 2017, launched an auto-matching peer-to-peer engine-based platform in June 2018. This has happened a few days before the banking ban from the Reserve Bank of India came into effect. Needless to say, Wazirx’s peer-to-peer model became popular among Indian traders.
They are also planning to launch the WazirX Peer-to-Peer platform in various countries. Just because to solve the issues related to crypto trading in banking APIs. Which are relatively slow and expensive.
Multiple steps to build a positive environment
The Indian crypto and blockchain community is working hard to build positive sentiments in India. After the banking ban imposed by the Reserve Bank of India, the community founded several initiatives at different levels. Including multiple seminars, meetups, and conferences for industry, government bodies, and youth.
On a positive track, Singaporean crypto exchange Zebpay announced the resumption of its services in India. Let’s wait to watch how this impacts on Indian cryptocurrency ecosystem. Hopefully, WazirX launched its IEO– may make the crypto revolution more strong in India