Blockchain, cryptocurrency, IoT, AI are indeed the next big thing in technology, in the recent attendances at seminars and events organised by big tech companies like DELLEMC, Intel, Fujitsu, and Microsoft etc, we have learned that these market-leading companies are not just focusing on their traditional products lineup but they are also spending huge funds on the R&D of technology like Blockchain, IoT, and AI etc.
Not only the big global companies but there are also many startups and small companies in India which are working on these technologies and one of them are WandX.
WandX is a platform on the ethereum blockchain that enables any user to create and trade financial instruments on ethereum based Tokens through its innovative smart contracts, has sold out the pre-Token sale valued Wands at 550ETH ($US 150,000 approx.), the WandX tokens are known as Wands.
In an interview, Mr. Ahishek, the person behind Wands and the CEO of WandX said “We’re introducing the Wand token to incentivize creation and trade of financial instruments; it’s the equivalent of loyalty points in retail. Users are incentivized with a percentage of Wand tokens for every creation and trade of instruments. In our initial application, users can pay for portfolios with Wand tokens, and they get a discount on our platform trading fee every time a trade is made. They also get a discount every time a derivative or ETF is created. The Wand token is a utility token, and does not have any connection to shares at WandX Pte Ltd.”
The token sale has started yesterday on October 22 and the sale will remain open until November 22 with a token sale price of 1ETH = 3792 Wands.
WandX’s decentralized platform on the Ethereum blockchain that enables users to hedge risk and to trade a basket of Ethereum based Tokens with a single transaction, hence increasing the liquidity of many altcoins and helping users diversify their investments. Users can invest in ETFs (Exchange Traded Funds), buy Ethereum Token futures, and trade in less liquid assets by means of a portfolio.
Initially, WandX users will be able to trade in a portfolio of ERC20 tokens on the Ethereum blockchain, Later this year, after the WandX Token sale, the company will enable trading in ETFs and derivatives for Ethereum Tokens through its smart contracts.
WandX’s founder & CEO Abhishek Ramesh talked about the Wands his new ERC20 token n an interview with Bryan Feinberg, Founder of NYC based Etheralabs / ChainDynamics. Below are some important conversation between Feinberg and Mr. Abhishek Ramesh.
Feinberg: What’s your vision and what’s been the progress so far?
Abhinav: The vision of WandX is to create decentralized infrastructure for creation, trade, and settlement of any financial instrument built on ERC20 tokens. In the real world, you have various instruments on currency and commodities such as futures, options, securitization of income streams, debt instruments. With the rapidly growing crypto-asset space, we’re building a platform on which anyone can create, trade, and settle any kind of financial instruments on tokens built on Ethereum. Our first instrument is the portfolio; currently, we have a prototype on the Ethereum testnet that enables users to create and trade portfolios of ERC20 tokens, through our smart contracts and APIs, with a single transaction.
Feinberg: There’s a lot of decentralized exchange platforms and protocols coming up. How are you different?
Abhinav: Decentralized exchanges enable trade between tokens; WandX goes a step further and enables decentralized trade between financial instruments. The first financial instrument is the portfolio; users can create and trade portfolios of ERC20 tokens, hence helping them to hedge risk and diversify their investments. Through our APIs that connect to our smart contracts, any third party can connect for a fee. Our protocol for decentralized derivatives trade on ERC20 tokens will release in 3 months. Our easy to use user interface, APIs that connect to our smart contracts would help user onboarding and quick usage of the platform.
Feinberg: What does your team bring to the table where others may fall short? How is your team different?
Abhinav: Our team can be classified into three groups – Software experts, financial services veterans, and Blockchain experts. Our core development team has spent over 20 years in the Indian IT industry, developing software from Java to configuring hardware in an industrial setting. Our Blockchain developers have developed smart contracts in various industry PoCs. Our financial services veterans have each spent over 20 years in debt markets, custodian services, management consulting, as well as research. Some of the team is still working in companies since bills still have to be paid. Our team is passionate and our community is growing. I believe we are well positioned to make a significant difference in driving the adoption of Crypto Assets across and open it for anyone to use and build off of.