India’s Crypto Platform WazirX Raises $2M on Binance Launchpad

initial exchange offer

India’s Crypto Platform WazirX has announced raising $2 million from an initial exchange offer (IEO) within 24 hours on the exclusive token launch platform Binance Launchpad.

Investors purchased 100 million WazirX tokens in a single session at nearly $0.02 per token.

Binance has announced 10,000 winning tickets, and with the allocation of $200 for each winning ticket, the total sum of fundraising reaches $2 million. Investors claimed more than 136,000 tokens within 24 hours. Thus, this became the 14th successful IEO made on Binance’s platform.

Notably, India’s crypto platform WazirX claims that the tokens sold by investors are built on the Binance Chain. Investors can use their tokens in accessing WRX trade mining and paying margin fees.

Earlier, Binance US announced that it will offer staking rewards to users of cryptocurrency platforms Algorand and COSMOS in February.

The exchange plans to add other Proof-of-Stake (PoS) coins. “The easy way to access staking is to allow more people to earn incentives while encouraging network security, reducing authentication costs” for contributing to the network,” the company stated.

Therefore, Binance claims that it is the first exchange in the US to offer such rewards to ATOM and ALGO.

Staking is an operation possible on PoS-based blockchain which enables the network nodes to validate blocks by holding digital assets as collateral.

Cryptolydian earlier reported that Binance has added the Vietnamese currency dong (VND) to its peer-to-peer (P2P) trading platform, the company said Monday in a press release.

Accordingly, the move allows the platform’s users to buy and sell Bitcoin, Tether, Ethereum and Binance Coin through the platform.

The platform is only available in China and Vietnam, but the firm will expand in 2020 to add other countries around the world.

It is worth mentioning that crypto exchanges holding great quantities of Bitcoin recorded a significant increase in their reserves. For example, Coinbase holds 1 million Bitcoin worth $8.4 billion. Binance ranked third with approx. 307,000 Bitcoin and 2.6 million Ethereum.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.