Tokocrypto and WazirX token exchange rates soar after news of Binance's plans
Cryptocurrency prices reacted with a sharp jump to the information about the promotion of deals by the fund of the leading cryptocurrency exchange
Tokocrypto (TKO) and WazirX (WRX) crypto exchange token prices soared after news of Binance's crypto assistance activity. Binance co-founder Yee Hee reported that the exchange's crypto industry recovery fund is pushing relatively large deals with the two trading platforms.
The exchange rate of TKO reacted to the message by rising 16% from $0.24 to $0.28 in one hour, then it fell to the level of $0.26. The value of the WRZ token also rose 21% from $0.14 to $0.17 in one hour before dropping to $0.16, according to CoinGecko. Both Tokocrypto and WazirX are almost entirely owned by Binance.
The Tokocrypto platform was officially launched in 2018 and became the first cryptocurrency company in Indonesia to be registered by Indonesia's Commodity Futures Trading Regulatory Agency (BAPPEBTI) in November 2019. The Binance exchange has invested in it since 2020. The size of Changpeng Zhao's stake has not been disclosed, but in December it was reported that Binance intends to gradually increase its stake in Tokocrypto to almost 100%. The TKO token has a market capitalization of $21 million with daily trading volume of $25 million in the last 24 hours.
WazirX, founded in 2018, is the largest cryptocurrency exchange in India. Binance bought it in 2019. The WRX platform's native token has a market capitalization of $72 million with daily trading volume of $7.1 million.
The Binance Crypto project Relief Fund was created to help rebuild the industry after the collapse of FTX.
The crypto project token Ren (REN) also reacted to the news of the fund's activity: the cryptocurrency rose in value by 7% from $0.068 to $0.073 in an hour. In the crypto community, this token was called the first candidate for payment from the Binance fund, as the project was financed by Alameda Research, and it was on the verge of closing after the collapse of FTX Group. There is no information about the exchange's assistance to this project, yet the token's exchange rate reacts to every news related to the fund.
Binance is by far the largest player in the crypto industry and continues to expand. The exchange bought a stake in Japan's Sakura Exchange (SEBC) in late November last year, and in early January it was reported that Binance had completed due diligence and was taking the final steps in its acquisition of Korean platform Gopax.
