Tag: WazirX

WazirX announces delisting of TUSD, USDC and USDP

A cryptocurrency exchange in India called WazirX said that it will soon stop selling three stablecoins. The USD Coin (USDC), the Pax Dollar (USDP), and the TrueUSD are three other types of the USD (TUSD). Balances that are already in these cryptocurrencies will be automatically changed to BUSD. To be more specific, the exchange said that after September 23 at 5:00 PM IST, customers would no longer be able to withdraw USDC, USDP, and TUSD. Also, pairings for all three stablecoins on the market will end on September 26. Trade safely at https://bitcoinmadrid.io/. 

WazirX said in its announcement that users’ USDC, USDP, and TUSD balances would be changed “on or before October 5th.” This showed what the choice was. The exchange said this change was made “to help customers get liquidity and capital more easily.”

Also, Binance said recently that it doesn’t own WazirX, which is different from what it said earlier in 2019. Changpeng “CZ” Zhao, who started Binance, said on Twitter in August that “this transaction was never finished.” This was in response to a 2019 article that said Binance paid up to $10 million for WazirX.

Nischal Shetty, one of the people who started WazirX, got angry when he heard what Zhao said. One of the co-founders said that CZ and the other co-founders run Zanmai Labs, which has a license from Binance to run INR-crypto pairings on WazirX.

Stablecoins are a type of cryptocurrency whose value is tied to a fiat currency or another external asset, like the US Dollar. Many crypto traders use stablecoins to keep taking part in the ecosystem by holding on to an asset that keeps its value. You can trade them whenever you want, 24 hours a day, without going to the bank to get cash first. Bitcoin was made to be more stable than other digital currencies. As long as the backing ratio is right, the value of these tokens will never change and will always be the same.

Why do so many stablecoins move so closely with the USD?

USDT and USDC are the most common stable coins used today. On the stock market, both are worth a lot of money. Still, they are not the only ones who act this way.

Binance has its stablecoin called BUSD, and Dai, also known as DAI, is a cryptocurrency built on Ethereum and designed to only work on those networks. These currencies are worth $1, just like USDC and USDT, but that doesn’t mean you can use one instead of the other. What blockchain and apps you want to use will determine which currency you buy.

What does the USDT stand for?

In 2014, Tether Limited in Hong Kong was the first company to make USDT a bridge between cryptocurrencies and regular currencies. 

Anyone can send crypto-dollars to anyone else quickly, cheaply, and easily thanks to Tether. This means cryptocurrencies can send money overseas, pay for things, and do more. Tether did this by taking the best stuff from each world.

As soon as it was made available to the public, hundreds of cryptocurrency trading pairs started to list against USDT. Because it was the first stablecoin on the market, the token had an advantage in that market. There are now 74.7 billion USDT tokens on Bitcoin, Ethereum, EOS, Algorand, Tron, and many more essential blockchains. On cryptocurrency exchanges, you can use USDT to buy or sell hundreds of different cryptocurrencies. It is the most traded pair on the cryptocurrency market because of this. 

What does the USDC stand for?

In 2018, Coinbase and Circle worked together to make USDC a stable cryptocurrency. It always costs $1 and never goes up or down in price. It costs the same as USDT and every other token backed by USD.

The Centre Consortium takes care of the technical and financial needs of the stablecoin. It also makes sure that the true 1-to-1 backing is clear. The coin is also managed by the Center Consortium. This means that for every USDC made, $1 in US dollars and other forms of cash are kept in reserve. US Dollars and other things can be used as cash in this reserve. There is 34.6 billion USD in circulation right now, and the same amount is kept in reserve.

Crypto exchange WazirX launches the “Learn & Earn” campaign with Sandbox

The biggest cryptocurrency exchange platform in India, WazirX, started a new “Learn & Earn” campaign in partnership with The Sandbox, an Ethereum-based game that lets players earn money by playing. These campaigns aim to get more people interested in the cryptocurrency market. The campaign will start for real on September 19. As part of the campaign, there will be a two-stage contest, and the top five winners will each get a free Alpha pass for the new Alpha season on The Sandbox, which just started. If you are planning to trade Bitcoin, you might consider knowing about the Bitcoin Crash.

Rajagopal Menon, Vice President of WazirX, said, “We want people new to cryptocurrency to find it fun and interesting to learn about.” We hope to reach this goal through our “Learn & Earn” campaign, which we are running with The Sandbox. We hope that a lot of crypto fans and gamers will take part.”

According to the announcement, the first thing contestants must do to have a chance to win is finish a fun test with 10 questions about The Sandbox Alpha. After the challenge, each participant must trade in at least 10 SAND between 10 a.m. and 10 p.m. IST on September 19, 20, or 25.

The people who have made it through both rounds will be put into a hat, and the winners will be picked randomly. They will each get an Alpha pass, which gives them full access to the game’s brand-new metaverse universe and a chance to win 500 SAND tokens. They will each also get a prize.

The most recent season of The Sandbox Alpha has a lot of different ways to play. Alpha Season 3 has more than 90 different single-player and multiplayer games. This has been one of the longest and most exciting seasons ever. 

As part of its “Learn & Earn” campaign, WazirX was able to run a contest called “P2P” that did well. This is what is meant by “peer-to-peer.” The activity aimed to explain how peer-to-peer trading works to people who had never invested before. From June 21 to June 28, 2022, more than 8,000 crypto fans took part in the event and passed the quiz. The winners were given WRX tokens that were each worth $200.

At WazirX, people in India can trade cryptocurrencies with each other. It lets people buy, sell, and trade digital currencies like Bitcoin, Ether, Litecoin, and others. More than 12 million people have signed up to use WazirX, making it the most popular cryptocurrency exchange in India. The goal of WazirX is to let people from all over India trade cryptocurrencies.

In just one year, the amount of money invested in cryptocurrency in India went from $200 million to $40 billion, which is a growth of about 20,000%. Even though the Indian government hasn’t made any rules about buying or selling cryptocurrencies yet, this is still the case. Many people rode the wave, and because they did, they got better returns on their investments than anyone else.

Why is India’s market for cryptocurrencies so crazy?

Even though it’s unclear what the Indian government thinks of crypto assets, more and more people are investing in them there. Start-ups like WazirX are showing even more recent ideas, like Non-Fungible Tokens (NFTs).

What are the causes of this rise?

Several things, like the lower cost of the internet, the rising value of real estate, and higher taxes on metals like gold and silver, seem to have led to the shift toward investing in physical assets.

Also, when cryptocurrencies came along, people as young as 18 could start investing and building their portfolios, a level of flexibility that had never been seen before.