Binance Reveal First Launchpad Project of 2020, WazirX

The first Binance Launchpad project of 2020 has been announced, WazirX.

Binance Launchpad is the wing of the crypto platform by which they put their support behind innovative projects. Last year there were various projects of all shapes and sizes supported by this initiative and by working together with them they managed to raise their profile exponentially. Now the time has come for a new set of Binance Launchpad projects and they have unveiled details of the first of 2020, the Indian bitcoin exchange, Wazirx.

It is described by Binance as the most trusted within the sector of the industry it operates – mostly owing to the fact it has the world’s first auto-matching P2P (peer-to-peer) engine. The core aim of the platform is to solve the fiat-to-crypto currency conversion problem by simplifying the process of depositing and withdrawing fiat currencies which is precisely what the P2P solution solves. The platform also offers in the range of 80 digital assets on its platform, including Bitcoin, BNB, Bitcoin Cash, Litecoin and Dash, available to trade.

The Goal

While it is already established and prominent in India, on a wider scale it remains fairly obscure. This is precisely where Binance – who completed an acquisition of the firm in November – come in. Wazirx will still work independently but via the support, they receive from Binance Launchpad they will be looking to expand and develop their business to cover other regions also. With a heavy emphasis on nations that are similar to India and where similar problems are present.

There are two ways by which Binance and their traders will be able to assist in this goal. The first of these is an IEO of Wazirx’s native token which works are the backbone of the platform’s ecosystem. This will happen on the platform on February 3, 2020, at 00:00 UTC with a lottery-format ticket claim. According to both firms’ CEOs, this will be a major step towards this goal.

Binance CEO and Founder, CZ (Changpeng Zhao), stated that “The WazirX token sale on Binance Launchpad will enable WazirX to introduce its technology outside of India and allow the Binance community, and beyond, to learn about and support the WazirX team.”

While his opposite number at Wazirx, Nischal Shetty, explained that, “WRX helped WazirX attract all the early crypto adopters in India, and currently, it’s the most popular exchange token in the country. The IEO of WRX will help us solve the fiat to cryptocurrency conversion problem globally for many more countries.”

WazirX Token Bounty

However, ahead of this, you can get involved in the project thanks to a bounty that is being held on Binance for the WazirX token where $100,000 worth will be up for grabs. These can be earned by users by completing 5 bounty tasks where are as follows.

Task 1: Buy a minimum of $10 USD equivalent via any of Binance’s fiat to crypto options.

Task 2: Complete a valid BNB trade (Buy or sell) during the activity period.

Task 3: Convert $10 or more of any eligible stablecoin to BUSD here.

Task 4: Refer a friend to open a Binance Futures account (Guide here).

Task 5: Complete a valid trade on any Binance Futures contract during the activity period.

The more tasks you complete, the higher share of rewards you will get. These have been detailed as follows:

  • Complete any 3 out of 5 tasks to share a prize pool worth $15,000 USD of WRX tokens.
  • Complete any 4 out of 5 tasks to share a prize pool worth $25,000 USD of WRX tokens.
  • Complete all 5 tasks to share a prize pool worth $60,000 USD of WRX tokens.

This will run from 2020/01/23 0:00 AM to 2020/02/02 0:00 AM (UTC) so you have up until 2 days before the IEO to get involved. Go to Binance now to get started!