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What happened to cryptocurrency today? Cryptocurrency News: Recently acquired Indian Cryptocurrency by Binnace Community gets first Initial Exchange Offering (IEO).

India Cryptocurrency Community gets first IEO  

Regardless of the banking constraints, limitations and the regulatory uncertainty enforced by the Reserve bank of India, the India crypto industry has taken huge leaps to gain global recognition. 

Binance’s recent acquisition, the Indian cryptocurrency exchange launched its coin WRX via an initial exchange offering on the Binance Launchpad. The WRX coin has become officially available for live trading on February 5, 2020. 

In light of this recent success, Nischal Shetty, founder of WazirX in an interactive section with the Cointelegraph was of the opinion that this big achievement has a positive impression on the entire ecosystem.

He said, “This is the much-needed good news for the Indian community because from the last two years, with the bear market and the banking restrictions, the Indian crypto ecosystem needed a huge morale booster.”  

Cointelegraph also reported WazirX’s WRX token sale on the Binance Launchpad. Over 20,000 users were in participation with 9,033 winners and 136,000 tickets claimed. 

Similarly, CoinDCX, a giant competitor in the Indian crypto exchange also made public their listing of WazirX’s WRX token on its trading platforms.

Co-founder and CEO of the group, Sumit Gupta in a conversation with Cointelegraph said “We are happy about the achievement of the WazirX team. Their efforts have paid off and this is definitely a positive sign for the Indian crypto ecosystem.”  

Effect of this Cryptocurrency news on the Indian ecosystem? 

Shetty speaking on the IEO and WRX token drew similarities with Binance’s BNB token. He added that “Binance growth was as a result of the crypto-to-crypto trading and we want to grow WazirX as a result of unwavering focus on peer-to-peer fiat-crypto options.”  

Following the bank ban of the Reserve bank of India in 2018, many Indian exchanges shut down operations.

The auto-matching peer-to-peer model by WazirX launched in June 2018 became popular among Indian traders with its successful implementation within the Indian community. 

WazirX is planning to expand this model to other countries with the CEO stating that “In many countries, banking is an issue or banking APIs are slow and expensive. We have the plan to launch WazirX Peer-to-Peer platform in such countries to solve crypto trading-related problems.”   

You can also read: Bitcoin reaches new year high

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