Pioneering Indian tech firm WandX, led by CEO Abhinav Ramesh, has joined the Bancor Network, a Smart Token cryptocurrency protocol, in order to increase the liquidity of the WAND token following the closure of the WandX token sale on 25 November 2017.
WandX is currently hosting a token sale to fund the building of its groundbreaking platform, which will allow investors to create and trade in derivative products based on crypto-assets.
Expectation around the token sale is high and a pre-sale raised 530 Ether (approximately $150,000) in only 36 hours.
Explaining the value of joining the Bancor Network, Abhinav Ramesh, 26, says, “Now WandX is integrated with the Bancor Protocol, WAND can be instantly converted to any token integrated into the Bancor decentralised liquidity network, in which prices are algorithmically determined. This would occur automatically and directly through the blockchain rather than a conventional exchange.
Abhinav Ramesh, who has a background in supply-chain and analytics at Ernst & Young, explains why he created WandX: “Until now, cryptocurrency investors have used centralized/decentralised exchanges to buy and sell different cryptocurrencies, in the hope of growing their assets. The difficulty that investors encounter is that, with no centralised bodies regulating the supply of cryptocurrencies, their values can be volatile.
“Investors can only exchange an amount of one currency with an equivalent value of another, which is problematic because it makes it more difficult for them to diversify their portfolio and avoid unnecessary risk.
“That’s where WandX comes in. WandX goes a step further than the decentralised exchanges and enables users to hedge cryptocurrency risk through various instruments, the first of which is to enable users to create and trade in portfolios of Ethereum based Tokens. The plan is that this will not only make investing in cryptocurrencies easier for those who are already involved, but will attract new investors to the market.
As it is built on the Ethereum blockchain, WandX can use smart contracts to ‘bundle’ together assets.
Unusually for a product holding a token sale, Abhinav’s team – based in Bangalore, India – have already created a prototype platform.
The platform will also contain measuring and analytical functions, so that users can compare the performance of products and strategize accordingly. The 3 month roadmap contains a range of hedging instruments that will be offered.
The token sale sees the introduction of the WAND token, 55,000 of which will be issued. The WandX team will end the sale when they raise their maximum of 12,500 Ether – approximately $3,720,000 or the 28-day time limit expires. There is an 18% on purchases of WAND until November 7 2017.
The WandX team is supported by a broad range of influential advisers and partners, such as financial services expert Raghuttama Rao, blockchain pioneer Bryan Feinberg, Director Shyam Mamidi, data scientist and ICO adviser Nagu Thogiti, and fintech entrepreneur Yogesh Gaikwad.
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WandX is a decentralised exchange that enables users to create derivative products that can be traded in a single transaction – therefore enabling the hedging of risk.
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