WazirX (WRX) is a token from the Indian exchange WazirX, the underlying ecosystem. The exchange provides exchange opportunities both in the mode of orders and on the principle of p2p. It is currently the most popular way of exchanging rupees (INR) into cryptocurrency and back in India.
The WRX token runs on the Binance blockchain and serves purposes such as:
- getting discounts on trading commissions;
- trade-to-mine (receiving WRX tokens by making transactions on the exchange);
- payment of margin commissions and many others.
Purpose of the WRX token
WRX service token forms the backbone of the WazirX ecosystem. Its main purpose is to increase community activity, contribute to the platform’s development, and reward participation. Once WRX Coin is received on your balance, it can be fully utilized for trading and exchanging into other fiat/cryptocurrencies. Also, do not forget that exchanging WRX to BUSD today is not a problem.
With p2p transactions, users from all over the world will be able to mine, unlock and earn. Only partially or filled buy or sell orders are considered transactions, not deposits or withdrawals.
To participate, you must trade any coin in the USDT, BTC, and INR markets. Each of the trades participates in the calculation of the user’s trading level. Each new level allows mining more WRX. The platform has a built-in system to track changes in WRX balance based on trades made and detailed statistics.
The right to vote
Token holders can take part in voting on the listing of a particular cryptocurrency and the adoption of future updates.
Those who use margin trading on the exchange can pay a commission with WRX tokens, which are charged on the amount borrowed. There are plans to develop other useful uses for the tokens in the future.
The owners of the exchange burn.n WRX tokens each quarter, based on the trading volume involved on the platform, until 10% of the total volume is destroyed. As fiat is launched in more countries, tokens will play a significant role in this process.
Where to buy and sell
It is most convenient to buy or sell WazirX tokens on the Binance exchange. To do this, create an account or log in if you already have one.
- Go to the wallet section and deposit in any convenient way from those available.
- Use the search bar to find WRX.
- In the last column of the table, click on “Transaction” and then select which currency you want to make the exchange with.
The Indian market has huge prospects, though for now, it’s practically “asleep.” WazirX is its leader at the moment because of p2p support, strong team, and effective marketing. Crypto fiat exchange pairs in India already include this currency.
The project development strategy at the moment includes:
- developing innovative reward programs;
- Participation in conferences and work with Bitcoin Influencers;
- media coverage;
- monthly functional updates;
- conclusion of partnerships;
- development of Telegram communities for different countries;
- improving the fiat gateway by collaborating with various applications.
The fact that WRX tokens are now supported on Binance is a significant step for the platform, which will allow it to grow faster both in India and in other countries. At the same time, the demand for the token will also increase, as has happened with BNB as Binance has evolved. Therefore, we should expect the usefulness, liquidity, and with them, the price of the digital asset to gradually increase.