WandX is a company based out of Bangalore, India which is looking to bring Financial Instruments to the Blockchain. WandX will decentralise trade of Financial Instruments using Smart Contracts on the Ethereum Blockchain. The company has launched an ICO which is still on-going to raise money and will issue WAND tokens.
On first look, WandX looks very similar to any other decentralised exchange like EtherDelta. But it goes a step further, letting you trade any financial instrument. Users will be able to trade on futures, options, assets, portfolios and more on the Blockchain.
The Wand token given out during the ICO can be used on the product once it is live. Users will get a discount every time a new instrument is created using Wand token and also a discount on the trading fee.
Right now, the Prototype for Portfolio trading is live. Users can create a portfolio of multiple coins and package them into a single product. This portfolio can then be traded on the market. WandX makes use of browser Plugin MetaMask like most other decentralised exchanges to interact with the Blockchain for creating and fulfilling smart contracts.
WandX is still in its initial stages. The current prototype is on the Ropsten Test Net and their immediate target is to bring it to the MainNet in the next few months. Once that is live, users will be able to trade portfolios. For the long-term, WandX wants to build a platform to facilitate the trade of ETFs, Derivatives and more. WandX wants to be the go-to platform for creating and trading financial instruments across blockchains.
WandX successfully raised 550 ETH(Around $200,000) in a Pre-Sale. In a statement to NewsBTC, CEO of WandX Abhinav Ramesh said “Through WandX, we plan to build a financial system of derivatives, ETFs and hedging instruments around Ethereum Tokens. It’s gratifying to see the confidence that potential users have already placed in WandX during our pre-sale.”
There is a total supply of 48,000,000 Wand with the token sale price at 1 ETH = 3792 Wand. That would make the total money the company is looking to raise at 12,650 ETH, or roughly $45.5 Million. At the time of writing this article, the ICO is still live and will go on until November 22nd.