What Is WazirX (WRX)?
WRX is the native token of WazirX, which is an Indian-based cryptocurrency exchange. The exchange belongs to the Binance ecosystem. If you’re interested in the main trends of the changes in the WRX price, take a look at the WazirX price chart above.
The main goal of WazirX is to provide Indian crypto enthusiasts with a crypto infrastructure. The task is somewhat complicated due to the crypto ban in India, which was imposed in 2018.
In order to overcome regulatory obstacles, WazirX employs an auto-matching P2P engine. The engine removes the involvement of financial institutions in the trading process and enables direct interactions between buyers and sellers.
The WazirX exchange employs a live open order book system. An order book is a list that shows all open orders that are currently active for a certain trading pair. This gives users access to more than 80 popular cryptocurrencies, including BNB, Bitcoin, Litecoin, and so on.
In 2019, Binance decided to invest in the WazirX exchange and make it a part of its ecosystem. For the exchange, this was a big step forward that had many advantages. For instance, to allow traders to transact using Indian rupees, Binance integrated the exchange with its Binance Fiat Gateway tool. Besides that, with the help of Binance, WazirX launched a “Blockchain for India” fund worth $50 million.
The Founders of WazirX
The WazirX exchange was launched in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre.
Nischal Shetty has a degree in computer science. Prior to founding WazirX, Shetty worked as a software engineer at 3i Infotech. Besides that, he also founded Twi5 and Crowdfire. Additionally, he is a committer at Shardeum.
Siddharth Menon has a degree in geology. Apart from co-founding WazirX, he also co-founded such companies as Borget Solutions, 3CRUMBS, Justmigrate, Crowdfire, and Tegro.
Sameer Mhatre has a degree in computer science. Prior to joining the WazirX founding team, he was a software developer at Myzus Infotech Pvt Ltd and Infomedia18 Ltd. Besides, he also co-founded Crowdfire.
The Purpose of WRX Tokens
WazirX tokens are stored on the Binance blockchain. They are the driving force of the WazirX crypto project. WRX tokens are primarily used for trading. However, they are also used as a payment method for various fees including trading fees, margin fees, listing fees, and so on. However, WRX token holders receive various discounts on these fees in addition to random token airdrops and a few other benefits.
Don't forget to take a look at the WazirX price chart mentioned to see the live WRX price.
Tokenomics of WRX
WRX tokens don’t have a max supply set, which means that more new WRX tokens can be created whenever there’s a need for that. The initial total supply is 1 billion WazirX coins. Since WRX’s value could decrease over time, WazirX burns some of its native tokens on a quarterly basis to prevent the WRX price from falling. Therefore, if you decide to invest in WRX tokens, do keep in mind that the WazirX price might change due to its volatility.
