One of the largest and well-known Indian cryptocurrency exchange WazirX announced Smart Token Fund ( STF ) today. Now WazirX users will be able to launch their own crypto funds where other users can invest just like they do in mutual funds.
Yesterday on 27 Aug. 2019, Founder and CEO of cryptocurrency exchange Nischal Shetty shared this information from his twitter handle.
Excited to share STF with all of you! We'll be revealing it and inviting early access requests tomorrow!
According to WazirX, it will be a win-win situation for everyone. STF Traders can only trade with users cryptocurrency, and cannot withdraw the funds. Users will need to buy STF trader smart tokens. STF Traders will get percentage of profit out of funds earning.
WazirX has shared four-step STF investment process for users, so that users can choose the right STF Trader for themselves based on the STF traders trade, their trading history, performance, and more. Step 1: Choose the right STF for you
You can go through the list of Smart Token Funds (STF), analyse the STF trader's activity and background, fund performance, cryptocurrency holdings, and more.
Step 2: Buy Smart Token with your cryptocurrency
If you like any STF, you can buy the Smart Token with your cryptocurrency and allow the STF Trader to manage your cryptocurrency portfolio.
Step 3: The STF Trader will trade with your cryptocurrency
The STF Trader will use their acumen, and manage your cryptocurrency portfolio like their own. You will be able to track the growth of your cryptocurrency portfolio.
Step 4: You can sell Smart Tokens and withdraw your cryptocurrency
If you want to exit, you can sell the Smart Tokens anytime you want, and withdraw your cryptocurrency.
If any user wants to exit from his investment of STF, he can sell the Smart Tokens anytime he want and withdraw his cryptocurrency. There is no time limit for user. He can exit any time out of the STF if he feels that fund is not working good for him. Anyone can apply to become STF Trader. STF traders will have their own unique smart token. As a STF Trader, people get to build their own Smart Token. WazirX users will buy STF Smart Tokens with their cryptocurrencies like Bitcoin, Ethereum etc. so that STF trader will be able to manage users portfolio. Such types of things gives opportunity to people to show their ability and talent as well. If you are good in crypto trading then why don't you try it !
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.