IEO of Indian Exchange WazirX To Be Held On Binance Launchpad On February 4th
Binance cryptocurrency exchange this Tuesday revealed details of its next Initial Exchange Offering (IEO) on the Binance Launchpad platform. It will be hosted by the WazirX marketplace willing to publicly sell their WRX tokens.
As before, IEO will be organized in a lottery format. Fixing BNB balances on users’ accounts for ticket distribution started on January 4 and will last until February 3. The final amount of BNB on the account of each of the potential participants will be calculated as an average daily value for the specified period of time.
On February 3, users who meet the conditions for participation in the campaign will be able to claim their tickets, and on February 4, a drawing will take place, according to the results of which allocations will be distributed.
In total, WazirX intends to sell 100 million WRX or 10% of the total token emission and thus raise up to $ 2 million. During the private part of the campaign, 5% of all tokens were distributed.
Token Distribution and Release Procedure Image: Binance Launchpad
According to Binance’s description, WazirX is the largest and most trusted cryptocurrency exchange in India today. Binance CEO Changpeng Zhao noted that WazirX successfully solves the problem of converting fiat currencies to digital and vice versa using a “unique peer-to-peer engine.” “The WazirX Token Sale on Binance Launchpad will allow WazirX to bring its technology outside of India, and to the Binance community and beyond to learn and support its team,” he added..
Recall that Binance acquired WazirX in November 2019, presumably for $ 5-10 million.
“The acquisition of WazirX demonstrates our commitment to the people of India and the idea of strengthening the blockchain infrastructure in this country, and also serves as another step towards ensuring monetary independence,” Zhao said at the time..