Just Two Months After Acquiring WazirX, Binance Plans IEO For The Startup

Less than two months after being acquired by Binance, India-based cryptocurrency exchange, WazirX will hold its upcoming WazirX (WRX) token sale on Binance Launchpad.

Once launched, the WRX Initial Exchange Offering (IEO) will become the first offering to go live on the Binance Launchpad this year. The IEO is scheduled for February 3, at 00:00 UTC through the usual lottery format on the token sale platform.

WRX is priced at 0.02 per unit, and has a total Launchpad Hard Cap of $2 Million, with a total supply of 1,000,000,000 WRX, according to the report. Meanwhile, 10% of the total WRX supply will be allocated to the Launchpad. 

The maximum number of winning lottery tickets is said to be 10,000, and the allocation per winning ticket is 200 USD (10,000 WRX). The further report notes that the Binance coin (BNB), Binance native cryptocurrency, is the only supported session, although the token price in BNB is yet to be determined. 

During the lottery period, users’ BNB balances will be calculated every day for 30 days in hourly snapshots. The final average daily BNB balance throughout these days will determine the number of tickets users can claim, per the report.

User must complete their account verification to participate in this token sale. However, those in the following countries are restricted from partaking in the token sale. 

Belarus, Democratic Republic of Congo, Cuba, Iraq, Iran, Mainland China, North Korea, Sudan, Syria, United States of America and its territories (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands), Zimbabwe.

Binance-WazirX Relationship

In November, Binance, the world’s leading cryptocurrency exchange, acquired WazirX, gaining access to Indian’s 1 billion+ residents, although the country is seeing strict regulation for crypto business.

Binance move to India enabled Indians to directly purchase and sell cryptos using fiat currency, rupees (INR) through its fiat gateway. “Building fiat-to-crypto bridges remain a key mission for Binance,” said Binance CFO, Wei Zhou.

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