Binance has announced WazirX as the next project on the Binance Launchpad IEO platform

By AymT 01/22/20 9:30 AM

In an announcement released on Tuesday, January 21, 2020, Binance welcomed WazirX (WRX), an Indian based cryptocurrency exchange token, to its Launchpad offering its initial exchange offering (IEO).

The WazirX token sale will follow a lottery format, with the recording of user BNB balances for 30 days from 2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC).

On February 04, 2020 at 08:00 AM (UTC) winning tickets will be announced and the respective BNB will be deducted from each winning users’ accounts. One WRX will worth 0,02 USD and price in BNB will be determined prior to the lottery draw date. 10% of the overall WRX token supply will be allocated for this lottery.

Image via Binance

WazirX is India’s most trusted bitcoin exchange. It has been acquired by Binance on November 25, 2019. In India, over 200,000 local users are able to deposit and withdraw cryptocurrencies, as well as use WazirX’s unique peer-to-peer solution to cash in and cash out cryptocurrency to Indian rupees with ease and speed.

WazirX CEO Nischal Shetty wrote a blog post announcing WazirX’s Launchpad token sale. In the post, he says that tokens are a way for companies to grow a loyal customer base:

“I believe that a token is the best way to keep someone invested in the development and growth of a project. A token creates a sense of community, and this is what has been our focus with WRX.”

Meanwhile, Binance CEO Changpeng Zhao focused on WazirX’s goal of making conversions between fiat currency and cryptocurrencies easier:

“Despite the fact that the crypto industry is actively developing, сonverting fiat into crypto, and vice versa, still remains a significant barrier to furthering crypto adoption. The WazirX team has found an effective solution to this problem by developing a unique P2P engine.”

Here’s some of the most important info about the WazirX sale on Binance Launchpad:

WRX Token Sale Details:

Token Name: WazirX (WRX)
Launchpad Hard Cap: 2,000,000 USD
Total Token Supply: 1,000,000,000 WRX
Total Tokens Allocated to Binance Launchpad: 100,000,000 WRX (10% of Total Token Supply)
Public Sale Token Price: 1 WRX = 0.02 USD (price in BNB will be determined prior to the lottery draw date)
Token Sale Format: Lottery
Max Number of Winning Lottery Tickets: 10,000
Allocation Per Winning Ticket: 200 USD (10,000 WRX)
Supported Sessions: BNB only
WRX will be issued as a BEP2 asset on Binance Chain.

Lottery Timeline:

2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 30-day period. Your final average daily BNB balance over these 30 days will determine the number of tickets that you will be able to claim.
2020/02/03 06:00 AM (UTC): Ticket claim will open at this time for all eligible users for a 24 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to completing the ticket claim. Please note that users will only be able to claim tickets once.
2020/02/04 06:00 AM (UTC): Ticket claim closes and the lottery draw begins.
2020/02/04 08:00 AM (UTC): Winning tickets are announced and the respective BNB will be deducted from each winning users’ accounts. Please ensure you have sufficient BNB in your spot exchange account to be deducted within 24 hours if you have a winning ticket. Please note that BNB in open orders, margin accounts, lending products, sub-accounts, futures accounts, or fiat accounts will not be eligible to be deducted.

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