Bianace acquires WazirX Crypto Exchange in India – Rise of Wazir Coin
On November 21’ st Binance in an official blog post has announced that it will be acquiring Mumbai based crypto exchange WazirX. A transaction of $5 to $10 million has been estimated to seal the deal, though there has been no clear announcement.
India’s regulations with Cryptocurrency
India has been not been very friendly to the crypto industry since they banned banking for crypto back in 2018. Binance understands the huge potential of India in crypto markets with it’s over a billion population as Binance acquires WazirX crypto exchange. India contributed a fair amount of share in the bull run of 2017. With no clear future of crypto in India, this seems to be a bold move by Binance. CEO of Binance Chengpeng Zhao says this shows their commitment to Indian people and their dedication to the blockchain ecosystem in India.
WazirX a peer to peer Exchange in Indian Rupees
Wazirx was launched in India in early 2018 when crypto regulations were getting strict. Though Wazirx got the initial hit with the ban of banking for crypto in India, they kept moving forward and emerged their peer to peer network. Wazirx’s P2P network is the major USP for the exchange, their P2P network provides the freedom to Indian customers to purchase USDT directly from Indian Rupees.
Binance will start trading Indian rupees Fiat from November 5 on their Fiat platform, and this can be one of the reasons for the acquisition of Wazirx. Wazirx has more than 2,00,000 downloads which makes it one of the largest crypto exchanges in India. With the acquisition of Binance users will be able to trade with Indian rupee more easily.
WRX COIN(WazirX Coin), Native coin of WazirX
WazirX and Binance share a lot of similarities not just with their way of operations but also with the WRX coin launched by Wazirx. Though it is too early to say anything about the future of WazirX (WRX) Coin, with the Binance and Wazirx partnership heat, has definitely increased in the WRX coins.
WRX coins are not available right now to trade on any crypto exchange but the WazirX team is using them to support and promote crypto users actively trading in India. There will be a total of 1 Billion WRX as per the WaazirX team. Right now users can earn WazirX coins by signing up on the Wazirx platform and making an active trade.
Currently, Phase 2 of the Signup Program is active where users will get 100WRX on signup with WazirX exchange and making an active trade. The first phase of signup Bonus started on April 1st, 2018 where initial signups got 1000WRX. WRX coins will be released in the WazirX wallet after completion of KYC and first trade.
Every signup from a referral link gets 100WRX
Mining of WRX Coins
Mining of WazirX coins can be done after the creation of an active Wazirx exchange account. WRX coins can be mined by trading on the Wazirx exchange. Users can earn up to 10,000 WRX per day by actively trading on the platform. Users can easily track their mined WRX with the desktop or Android application for Wazir exchange. Currently, it is not available for iOS users though they will also mine by trading, users can check their mined balance with the web app.
|TRADING SLABS||WRX UNLOCKED||BOOST|
|35,000.00 USDT||10000 WRX||533x|
|15,000.00 USDT||4375 WRX||233x|
|7,500.00 USDT||1875 WRX||100x|
|3,750.00 USDT||750 WRX||40x|
|1,500.00 USDT||312 WRX||17x|
|700.00 USDT||137 WRX||7x|
|350.00 USDT||62 WRX||3x|
|150.00 USDT||18 WRX||1x|
Trading with Indian Rupees made easy as Binance acquires WazirX
Crypto regulations in India made it difficult for the crypto community in India to Buy or Sell their most loved cryptocurrencies. Trading with Indian rupees has been a pain as users had to use multiple networks such as Localbitcoins, Paxful, etc.
WazirX shows positive hopes to the Indian crypto community to buy or sell crypto easily with its peer to peer USDT to the INR network as Binance acquires WazirX. Binance association with WazirX has certainly opened the gates of trust as now World’s largest cryptocurrency exchange will be sharing their experience and technology with the Mumbai based crypto exchange.
Let us know your views about Crypto regulations in India and WazirX exchange in comments
Subscribe to our Blog Roll to stay updated with Latest Crypto News