Back to the list

Following a Regulatory Update in India, WazirX Token Increases by 43%

cryptoknowmics.com 02 June 2021 03:35, UTC
Reading time: ~2 m

WazirX, an Indian cryptocurrency exchange, has had its native WRX token increased by 43% in the last 24 hours, and it is currently worth more than $1.93.

WazirX Token Increased By 43% In The Last 24 Hours

WazirX CEO Nischal Shetty explained the token increased by 43%  is due to the company’s newly introduced non-fungible token (NFT) platform, as well as greater clarity from the Reserve Bank of India (RBI) on the status of cryptocurrencies.

“The RBI’s clarification to Indian banks is a positive step. In addition, we recently announced the introduction of our NFT platform,” Shetty stated. “These are two of the primary causes for WRX enthusiasts’ excitement.”

The RBI warned banks on Monday not to rely on 2017 circular that stated banks should not interact with cryptocurrency exchanges.

The circular has created significant uncertainty about the legal position of cryptocurrencies in India. The Supreme Court ruled against it last year. However, ambiguity persisted, leaving Indian cryptocurrency enterprises in the dark until yesterday.

Day 943

It’s amazing to see @RBI clarifying & helping solve uncertainty for Crypto in India

There are over 1.5 Crore Indians in Crypto. This news has brought joy and confidence to everyone in the sector

Let’s continue to BUIDL the Indian crypto ecosystem 💪#IndiaWantsCrypto

— Nischal (WazirX) ⚡️ (@NischalShetty) June 1, 2021

Shetty Launches The Firm’s NFT Marketplace Today In Response To A Regulatory Update In India

Along with the good regulatory news, the new NFT marketplace, which claims to be the first in South Asia, would allow customers to own one-of-a-kind digital works of art and producers to tap into a thriving economy.

Unlike comparable sites like Opensea, there are no listing fees on the new WazirX platform. According to WazirX, it also provides cashback, prizes worth up to $50,000, and low gas prices.

The Fastest-Growing Cryptocurrency Exchange In India

WazirX, which was founded in 2018, claims to be India’s fastest-growing cryptocurrency exchange, with over 400,000 members. It, like Binance, provides a P2P trading engine that automatically links users to trade funds.

Nonetheless, in the face of ongoing regulatory uncertainty, the newest RBI note is no panacea.

Back to the list