India’s premier crypto exchange, WazirX, announced on Friday that its native token WRX is now available on the Ethereum blockchain. The crypto trading platform, owned by Binance, announced a giveaway to celebrate the event by gifting 80 WRX tokens to three lucky winners picked from Twitter. In the official tweet, WazirX also informed that the integration would enable users to send WRX token to any ERC-20 address via Binance.
WazirX Exchange is among the largest crypto exchanges in India and was acquired by crypto giant Binance in 2019. Since then, the platform has integrated with several blockchain networks, and Ethereum is the latest addition to the growing list. However, the integration with Ethereum is quite significant for multiple reasons. Nischal Shetty, Co-Founder and CEO of WazirX said in a tweet that the integration was made possible through the Binance Token Canal initiative.
Firstly, Ethereum is the largest blockchain network after Bitcoin. The network holds the largest number of DApps and is way ahead of its competitors in terms of user base and monthly transactional turnover. The integration would give WRX a much-needed exposure to a wider audience out of the Binance ecosystem. Secondly, Ethereum has arguably the strongest base of developers who keep the innovation in the network alive and kicking. For expanding in the payments and crypto trading network, WazirX needs innovation to tackle the competition, and it can acquire some from Ethereum. Thirdly, WazirX needs interoperability for the network to continue to thrive amid growing domestic competition. Integration with Ethereum will earn it a lot of credibility, making integrations with other networks easier.