WandX is a crypto derivatives exchange that just launched its token sale. Find out everything you need to know about the token sale today in our review.
What is WandX?
WandX, found online at WandX.co, is an Indian fintech company that aims to allow investors to create and trade derivative products based on crypto assets.
The platform is built on the Ethereum blockchain. WandX has a smart contract wizard that anyone can use to bundle multiple crypto assets together, then have that basket represented by a token.
A prototype for the platform is currently in development, and a beta for WandX was released in September on the Ethereum blockchain. The full platform, WandX 1.0, is expected to go live on the Ethereum mainnet on November 20th. The second version is scheduled to be released in January 2018.
What Problems Does WandX Seek to Solve?
The creator of WandX noticed a problem in the world of cryptocurrencies: investors can only exchange an amount of cryptocurrency in one currency with an equivalent amount in another currency:
“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,” said CEO and Founder Abhinav Ramesh in a press release.
How Does WandX Work?
WandX wants to solve the problem above by enabling trade between different tokens, allowing users to create and trade within their portfolios. Investors can also participate in trading exchange traded funds (ETFs) of ERC20 tokens.
Investors can use these instruments to hedge their risk, or to own multiple tokens from a single fund.
The WandX platform will also contain measuring and analytical functions that allow users to compare the performance of products.
Using WandX, investors can buy and sell futures, options, and securities of income streams and debt.
Essentially, WandX allows investors to create and trade baskets of ERC20 tokens through smart contracts. Investors can purchase multiple tokens with a single transaction.
The long-term goal is to make it easier for anyone to invest in two broad types of crypto assets:
ERC20 Token Baskets:
These are combinations of ERC20 tokens. Users can create a basket of ERC20 tokens themselves. The basket has a price attached to it. That price is determined by the underlying ERC20 tokens in the basket. The baskets are created through smart contracts.
WandX allows users to record his or her digital assets on the blockchain through a user-friendly platform. Users can do this to create tokens on Ethereum. These tokens then represent ownership of crypto assets – including loyalty points that could be transacted between users. This could lead to a market for derivative assets and funds based on crypto assets.
These are just two of the sample types of financial instruments that can be traded on the WandX platform.
- Front-end where users can create custom tokens
- Users can create a smart contract with no coding experience, through a user-friendly interface
- Statistical tools can be used to create financial products
- Create crowdfunding campaigns recorded on the blockchain
- Create and trade futures and options with a specific set of rules
- Invest in ETFs created on Wand based on your desired investment portfolio and risk appetite
The WandX Token Sale
The WandX token sale will see the release of 55,000,000 WAND tokens. The company is planning to end the sale when they raise 12,500 ETH (about $3.72 million USD), or on November 21 (whichever comes first).
A pre-sale earlier this month raised $150,000 for the company in 36 hours.
There’s a total supply of 75,000,000 tokens. The founding and advising team will receive the remaining 20 million tokens.
Who’s Behind WandX?
WandX is led by CEO Abhinav Ramesh, a 26-year old with a background in supply chain and analytics at Ernst & Young. The company is based in Bangalore, India.
Other key members of the team include Sridhar Kolapalli, Dinesh Rekula, and Amit Maurya.
WandX is a financial platform that allows users to create their own digital tokens on the Ethereum blockchain, then have those tokens represent a pre-selected basket of funds they choose themselves. The platform allows users to build ERC20 tokens, then trade baskets of tokens in an open market. Users can hedge risk and diversify their investments while purchasing a single investment vehicle.
The platform revolves around the use of WAND tokens, which are on sale throughout October and November.
You can learn more about the WandX platform by visiting online today at WandX.co.