WazirX, the largest cryptocurrency exchange by trading volume in India today completes its 5th quarterly WRX burn event. This burn event is for the quarter of April – June 2021.
This time WazirX burned a total of 7,333,333 WRX which is equivalent to ₹61.2 Crores INR (~ $8.2 Million USD). This amount of WRX burned in this quarter is 95% more than what it was in the 4th quarter.
Basically, Coin burn is a process of permanently removing the coins from circulation which will ultimately reduce the total supply.
The TXID for the WRX burned in the 5th quarter is here. After this burn WRX worth $8.2 Million USD has permanently removed from circulation.
The total amount of WRX burned till date is 21,786,665 WRX which is worth over $24.4 Million USD.
WazirX has seen tremendous growth in the last quarter and crossed $14.04 Billion in trading volume which was $6.1 Billion USD in the previous quarter (Q4).
WazirX 5th Quarter Features and Improvements
WazirX implemented a lot of new features and improvements in the 5th quarter. Let’s have a look at the new features here:-
- Launched QuickBuy option
- Launched WazirX NFT Marketplace
- Partnered with SonyLiv to co-present UEFA 2020, and India vs. Sri Lanka cricket match
- Prizes and giveaways worth over ₹1.5 Crores INR (~$209,000 USD)
- 47 new trading pairs
Recently Nischal Shetty, the founder and CEO of WazirX also announces that WazirX is planning to launch its own decentralised exchange next month.