Clarity about Cryptocurrencies and the Launch of a New NFT Platform Triggered a Rise in the Price of the WRX Token

WRX, the native token of the Indian crypto exchange WazirX, has grown by 43% over the past 24 hours. It now costs over $1.93. The rapid growth is due to the recently launched non-fungible token (NFT) platform, as well as clarity regarding the status of cryptocurrencies, according to CEO WazirX.

The Reserve Bank of India (RBI) said on Monday that banks and other regulated entities cannot refer to the April 2018 virtual currency circular as it was debunked by the Supreme Court of India in 2020. Thus, banks and other financial institutions are not allowed to advise clients not to conduct transactions with virtual coins.

Along with the positive regulatory news, the new NFT marketplace, which claims to be the first in South Asia, will allow users to own unique digital artwork, and creators will be able to use an economy that has boomed in recent months. Unlike similar platforms, the new WazirX platform has no listing fees, offers cashback, rewards of up to $50,000 and a minimum gas fee.

Image: Crypto News Point