The Binance owned WazirX exchange has been enjoying record volumes recently despite the ongoing regulatory uncertainty from Indian politicians.
Its native token, WRX, has skyrocketed to a new all-time high on the back of news that the company will be launching its own non-fungible token platform for Indian markets.
According to local media, WazirX has crossed $200 million in daily trading volume for the first time since its launch in March 2018. The bullish news was retweeted by Binance CEO Changpeng Zhao.
According to exchange founder Nischal Shetty, WazirX has the highest liquidity and trading volume in the country, and the majority of its users are aged between 22 and 30. In March 2020, the exchange in partnership with Binance launched $50 million ‘Blockchain for India’ fund to invest in crypto startups in India.
The hype this time around stems from the news that WazirX has just announced the first NFT platform targeting Indian artists, content creators, and collectors.
The exchange will not charge its customers for creating and listing NFTs on the platform and is working on ways to reduce the high transaction fees associated with creating and trading Ethereum based tokens. Shetty continued to elaborate:
“It will truly transform the market in our rapidly digitizing world with a growing interest in NFT across the globe. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace. As of now, we are working around certain nitty-gritty to make NFTs more lucrative for our customers.”
According to local media, WazirX’s NFT initiative is being spearheaded by Canada-based entrepreneur, Sandesh B. Suvarna along with actor and producer Vishakha Singh.
WRX prices have skyrocketed to a new all-time high of $5.90 at the time of writing according to CoinGecko. This represents a monumental 250% surge over the past 24 hours making the exchange-based token the best performing crypto asset in the top one hundred by market cap.
There are 248 million tokens circulating out of a billion maximum supply giving it a market cap of $1.2 billion. WRX has cranked a whopping 1,150% over the past seven days and is up a monumental 8,800% since the beginning of 2021 when it was trading at just $0.06.