Namaste Tribe! “When more tokens” — that’s what many of you have been asking us for so long! Yes, we heard you and are excited about what we have in store for you. ?
Welcome to our new initiative to rapidly list new tokens on WazirX. How? Read on to find out.
First, here’s a little sneak-peek into what happens in a token-listing process before it’s finally available for you to trade:
- Integrate new blockchain
- Build deposit module
- Build withdrawal module
- Integrate security module
- Integrate cold wallets
- Integrate hot wallets
- Thoroughly test entire token integration
- Integrate trading module
- Thoroughly test trading module
- Test release
- Go live ✅
There are many more steps, but for simplicity, I’ve listed only the major tasks above. Out of these, Tasks 1 to 7 take the most time, and deposit and withdrawal modules form a huge chunk of these tasks.
Right now, we are focused on taking WazirX to more countries, and our team is working super hard on going international. Due to this, token listing has taken a backseat. We know that you tend to miss out on trading opportunities for the coins not available on WazirX. So we brainstormed internally and that’s how the Rapid Listing Initiative was born!
What happens in the Rapid Listing Initiative?
It will ensure that you don’t miss out on opportunities to trade any of your favorite tokens. What does it mean for you?
- Deposits — You won’t be able to deposit the token from another wallet to your WazirX wallet.
- Trading — You will be able to buy, sell, trade the token in our USDT and BTC markets with absolute ease.
- Withdrawals — You won’t be able to withdraw the token from your WazirX wallet. What you can do instead, is sell it in our USDT or BTC market.
When will deposits and withdrawals start?
We cannot promise an ETA for the tokens that we list under our Rapid Listing Initiative. We recommend you to only trade in these tokens if your intention is to trade or HODL. If you plan to withdraw these tokens anytime soon, then we recommend not trading in them until we announce the withdrawal feature.
However, we will enable Transfer Funds between Binance <> WazirX account feature for these tokens so you can still deposit tokens via Binance wallet at zero fee.
How will you bring in liquidity for these tokens?
We’re inviting everyone who can provide liquidity to contact us. We will provide you with a special deposit address, and it will allow you to sell your tokens on WazirX. The minimum deposit eligibility for liquidity providers will be mentioned in the blog post for each of the tokens that are listed under the Rapid Listing Initiative. You can contact us by filling up this form here.
Please suggest which coins we should list next as part of our Rapid Listing Initiative in the comments below. ?Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.