- Binance announces the launch of Indian based exchange token, WazirX (WRX) on Binance Launchpad.
- Over 100 million tokens are allocated to the lottery sale on Binance exchange.
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). According to the release, the public sale of the tokens will exclusively be completed using the exchange’s native token, Binance Coin (BNB) in a lottery format.
Starting 4th January 2020 till February 3rd 2020 00.00 UTC, Binance will record the balances of users and take snapshots at random times to select those eligible to participate in the IEO. The lottery system will select a total of 10,000 users with the highest daily average BNB balance. The report reads,
“The final BNB holding amount for each user will be determined as the average of the 30 days, but using the Daily Average BNB Balance calculation previously announced here.”
Of the 10,000 participants, each will receive 10,000 WRX tokens worth approximately $200 USD at the launch date. WRX will be issued as a BEP2 asset on Binance Chain.
The Launchpad hard cap is set at $2 million USD with a total supply of 100 million WRX tokens up for sale. The total token supply is set at 1 billion WRX. The starting price of WRX is set at $0.02 USD per token.
According to the official WazirX website, the exchange plans to disburse over 150 million WRX tokens to early adopters of the project. Here is how you can earn and receive free WRX tokens.