India’s premier crypto exchange WazirX announced today that they completed the first quarterly burn event of their native token WRX. As per the official tweet, a total of 833,333 WRX tokens were burned, amounting to $120,000. The WRX token was launched in April earlier this year, and therefore, the first burn event is a moment of achievement for the WazirX ecosystem.
1st $WRX burn is complete 🙌
For the first quarterly burn event, #WazirX burned 833,333 WRX, equivalent to ₹92.2 Lakhs INR or $120,000 USD.
It's an exciting moment for the WRX community. Read the event highlights 👇https://t.co/JKb8DBnyiF
— WazirX (@WazirXIndia) July 6, 2020
WazirX, co-founded by CEO Nischal Shetty, was acquired by crypto giant Binance in the fag end of last year. Since then, there have been major updates in the ecosystem, and the launch of WazirX Token was one of them. Commenting on the first burn event, Nischal tweeted that they will continue to make WRX more useful for the community.
1st ever quarterly burn of $WRX is now complete!
— Nischal (WazirX) ⚡️ (@NischalShetty) July 6, 2020
In a blog post on their website, the exchange said that in the first three months of launch, WazirX Token’s trading volume has grown by a healthy 66% and it also got listed on multiple prominent global exchanges including Binance, Poloniex, and FTX. The company further added,
For more details, read the official blog post here.