WazirX was the latest IEO on Binance. It is an Indian stock exchange that has developed a P2P trading system bypassing the ban on cryptocurrency trading for local banks. After the India ban was lifted, the WRX token price BEP2 tore up. Today we will look at what WazirX is and why it is good to have it in the viewfinder.
Binance wants India
Binance is the queen of cryptocurrency exchanges. One of the reasons is the company’s ability to enter the local markets of nation states. A new offshoot of Binance US has been established for the US and WazirX for India.
WazirX is a cryptocurrency exchange by Nischal Shetty, Sameer Mhatre and Siddharth Menon. They created WazirX for the Indian, cryptocurrency community. Due to a mass ban that prevented local banks from accessing cryptocurrencies, P2P team members have created a trading platform where people can trade securely with each other.
And they did such a good job that Binance, the largest cryptocurrency exchange, noticed. It not only bought the original company WazirX, but also directly integrated its P2P system into its platform and interconnected both exchanges. This means that if you have a Binance account, you can also access WazirX using the same account and vice versa.
Will WazirX be the new Binance?
At the time of writing, WazirX has a $ 19 million market capitalization. Its primary goal is the Indian, cryptocurrency market and, thanks to the merger with Binance, has the hope of becoming a go-to exchange for the whole of India. Logically, the question arises as to whether WazirX will follow the massive Binance success.
This is very unlikely because Binance is a much larger and global stock exchange, while WazirX focuses directly on the Indian market. It has about 600 million people, because this is the number of people connected to the Internet. India is generally a country with enormous potential, as it is the most populous country in the world.
Binance integration and support is a clear plus, especially for a token that is so relatively low in value. Following the announcement of the abolition of the blanket ban on cryptocurrency trading by banks in India, the WRX price rose by 220% and a correction is now coming, as shown in the following chart.
Exchanges tokens generally perform quite well, and in the last year we have seen a strong rise in coins such as the Binance Coin, the Huobi token, and the Okex token. For this reason too, it pays to carefully monitor this new coin for the Indian market.
Since its IEO at the Binance launchpad, the WRX token has gained nine times its dollar value and has even improved ten times over the BTC. This indicates a great interest in extremely speculative investments. If you are a gambler looking for new projects, you should definitely have WazirX in your viewfinder.
The probability that WazirX will be as successful as Binance is minimal, but it will probably not go wrong. The proposition of the token value is similar to that of the BNB, with the WRX token lowering platform fees by half.