WazirX Up 43% After Regulatory Update In India

Indian crypto exchange WazirX has seen the original WRX token rise 43% over the past 24 hours – now over $1.93. Nischal Shetty told Decrypt today that the rapid rise is due to the newly launched non-tradable token (NFT) platform, as well as the new clarity regarding the state of cryptocurrencies from the Reserve Bank of India (RBI) WazirX CEO. “Clarification of RBI to banks in India is a positive move. Also, we have just announced the launch of our NFT platform," Shetty said. "These are two of the main reasons for the excitement among WRX believers." On Monday, the RBI told banks not to trust an old circular it had issued in 2017, stating that banks should not work with crypto exchanges. caused a lot of confusion about the issue, overturned by the Supreme Court last year but the uncertainty persisted, leaving Indian crypto companies in limbo until yesterday see @RBI in India clarifying and helping resolve uncertainty for Crypto There are more than ten Crore Indians. Alongside Po Positive regulatory news, the new NFT marketplace, which claims to be the first in South Asia, will allow users to own unique digital artworks and allow creators to tap into an old economy that has exploded in recent months. Unlike similar platforms like Opensea, flat fee of the new WazirX platform is ok. It also offers cash back, rewards of up to $50,000 and minimum gas fees, according to WazirX. WazirX, India's fastest growing crypto exchange, launched in 2018 and is owned by Binance, the largest exchange in the industry, claiming to be India's fastest growing crypto exchange with over 400,000 users. Like Binance, it offers a P2P trading engine that automatically matches users to trade among themselves.

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