Binance Is Reviving Bounty Programs To Hype Up WazirX’s IEO
- Binance has assigned five specific tasks to interested users, completing three or more will result in a reward paid out in WazirX tokens (WRX)
- The bounty program will be used to advertise the WazirX IEO, Binance Futures, BUSD, Binance Coin and Binance’s fiat gateway.
Binance CEO Changpeng Zhao. CryptoMonedaseICOs
The ICO hype of 2017 offered one often overlooked way to make money – participating in bounty programs on the bitcointalk.org forums. Different ways of helping with marketing – joining Slack channels and Telegram groups, creating marketing material, YouTube videos and blog posts, translating whitepapers and many others – ended up rewarding active users with a significant portion of the total market cap of novel crypto assets.
Even today, there are top 25 coins in terms of market cap that used to dedicate 1% of their capitalisation to bounty hunters on the forum. However, the end of the ICO hype marked the end of lucrative bounty offers.
Or at least, until Binance decided to revive this forgotten tradition.
A fixed amount of $100,000 in WRX tokens is dedicated to users who manage to complete a few simple tasks on the platform between January 23rd and February 2nd. The requirements are as follows:
- Using Binance’s fiat gateway capabilities to purchase $10 worth of crypto or more.
- Trade Binance Coin on the exchange
- Convert $10 worth of any eligible stablecoin to BUSD
- Refer a friend to open a Binance Futures account
- Complete a valid Binance Futures trade
At least three of the tasks should be completed in order to receive a WRX reward, and the more tasks the user completes, the higher the reward.
The full terms of the bounty offering are available on the official website of the exchange.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.