WazirX has great news for the community. It’s about to introduce its token on Binance Launchpad.
In a tweet, the company wrote that there’s no need to ask the question “when WRX” anymore. According to it, “$WRX IEO will be 2020’s first IEO on @Binance Launchpad.”
No more "When WRX?" It's coming soon on Binance Launchpad!! 💥💪
Prepare for launch 🚀https://t.co/GI6MDyh43z
— WazirX (@WazirXIndia) January 21, 2020
In the embedded Medium post, Nischal Shetty, wrote that “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.”
He added that he waited for the right time to launch the token. The latter “is not a get-rich-quick token.” Accordingly, only those users who want to participate in the long-term should consider getting on board.
Making sure your BNB is there
The news of the upcoming IEO was confirmed by Binance. In its official blog, the company wrote, “Binance is excited to announce the next project on Binance Launchpad – WazirX (WRX). The WazirX token sale will follow a lottery format, with the recording of user BNB balances already having started at 2020/01/04 00:00 AM (UTC).”
The exchange plans to record user BNB balances for a period of 30 days. More precisely, from 2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC).
“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,” the post reads.
The exchange plans to take into account the hourly snapshots during the aforementioned period. The average daily BNB balance over these 30 days will help to determine how much you’ll be able to claim. Following this, on the 3rd of February, a ticket claim will be opened. It will last for 24 hours. During this time, users “must also sign the Token Purchase Agreement at the same time, prior to completing the ticket claim.”
Keep in mind that it’s only possible to claim a ticket once.
The lottery will take place on the 4th of February(06:00 AM – 08:00 AM (UTC)). Then “winning tickets are announced and the respective BNB will be deducted from each winning users’ accounts.” That said, it’s important to ensure that you have enough BNB in your spot exchange account, not open orders, margin accounts, lending products, sub-accounts, futures accounts, or fiat accounts. Otherwise, you won’t be able to get your rewards.
The news comes after Binance’s recent acquisition of the Indian platform. To remind, it happened amidst the ongoing uncertainty in India. The country might soon ban cryptocurrencies.