WazirX: an indian crypto dream
Cryptocurrencies, Reviews

WazirX: an indian crypto dream

WazirX, India’s largest and most trusted crypto exchange was launched in January 2018. The first-ever Indian crypto exchange, to use P2P (Peer-to-Peer) technology. It not only deals with Bitcoin but many other cryptocurrencies like Ripple, Litecoin, Ethereum, etc with multiple pairs like USDT to ALTs, BTC to Alts and INR to Alts but it all starts with one man.

The Man the Wizard, Nischal Shetty

Warix is the brainchild of Mr. Nischal Shetty who is also the co-founder of Crowdfire, a Very powerful social media management tool used by brands and agencies all around the world. 

Start of WazirX

Mr. Shetty CEO of WazirX stated that he had been into cryptocurrencies since 2009. He also has tested out mining bitcoins in the early days but got sucked into the blockchain rabbit hole. He concluded from his experiences that there was a big difference in the user experience and transparency, which led to people not trusting Indian exchanges so much. This is where he saw a need for the Indian market, so build a product that will be on par with these international exchanges or better than them.

As he says, Indian exchanges lack transparency and UX (User Experience). Therefore, he decided to build a cryptocurrency exchange for India and named it as WazirX. A Smart and cool name it is, “Wazir” which means the queen piece and the most powerful piece in chess. The goal is to build WazirX the same way. The founders of WazirX keep innovating and try to give users the most powerful trading interface. 

The official announcement was made on 30th January 2018.

WazirX came in the market with a boom offer!

It announced a referral program that gave WRX tokens similar to binance’s BNB, (the exchange’s cryptocurrency) to those who recommended the app to their friends. Also gave free 250 WRX coins free to those who sign up here free.

This offer worked so well that by the time of launch that was to be held on 8th March as they got over 60-70000 users.

In the last 24 hours, there were approx. 30,000 signups, 8000 members joined their telegram channel. Those who shared the referral code with their friends and their friends signed up using that shared code, both received an extra 100 WRX tokens. KYC was a chief factor for sign-ups.

With all this, WazirX put its first step in the market like a Boss and stood different from all other exchanges in a matter of depositing money. Where all the other exchanges take hours or days to credit the balance in the exchange’s accounts, WazirX could do it instantly.

For sailing in the ocean, one has to be ready to face the storms!

On 5th April, the RBI released a statement that acted as an obstacle and interrupted the smooth running of WazirX.

The statement stated, “the banks that fall under the RBI jurisdiction has granted a 3 month grace period and after that, they have to cease the operations with companies that are dealing in cryptocurrencies.” This naturally meant that exchange platforms would be disconnected from the traditional banking system. 

This statement was the nail in the coffin for many Indian exchange platforms.

WazirX was just launched 3 weeks prior and was already facing the worst situation that any exchange platform could face. It was nearly impossible to cash in and out of cryptocurrencies without having to access to banking systems.

However, Mr. Shetty did not back out but smartly handle the situation. He calmed the users by saying that only after the ban they would be able to cash in and out of cryptocurrencies.

Until the grace period ran out, WazirX continued normal trading and searched for the solutions to cope up with this adverse condition. They started building out the backend infrastructure for the upcoming upgrade. The upgrade was to ensure that there would be easy cash in/out option for users on the platform. 

This came in the form of P2P (Peer-to-Peer) trading which proved to be a total game-changer.

What is P2P trading?

The P2P trading platform was launched on 10th July. Peer-to-Peer trading is a method by which trading can occur without the need for a central party

CEO of WazirX explains P2P (Peer-to-Peer) trading as “here the buyer pays directly to the seller’s bank account and WazirX acts as an escrow for safekeeping. Since all P2P traders are KYC verified, you know that you’re dealing with legitimate traders .P2P is fast and free of cost. “

It’s the first auto-matching P2P (Peer-to-Peer) Exchange.

The quick adaptation to the banking ban and timely product delivery made WazirX only exchange that was usable to cash in and out of crypto in India dependably. 

Within 7 months of launch, WazirX crossed 18 Million USD worth of P2P trades on the platform.

This gave the most traffic growth in the history of running the exchange, as WazirX delivered a product that was the need of the hour.

96-97% of transaction happens in 15 minutes, this is near-instant.

P2P served as an Innovative yet Impressive trick 

WazirX celebrated its first anniversary on 7th March 2019 and regarded as “The biggest exchange in India with the most liquidity”.

The exchange revealed at that time that over 30% of its P2P transactions are completed in less than 5 minutes, with an average completion time of 19.4 minutes. Furthermore, there have been 0% fraud cases on its platform, the exchange claims, noting that only 2% of its P2P transactions go into dispute and they are constantly working on reducing this further.

The volume of transactions on the platform cannot be faked. This is due to the platform utilizing the P2P method, in which artificial trades do not complete, and thus do not add to the total volume.

#IndiaWantsCrypto

Mr. Shetty is running a campaign on twitter to regulate cryptocurrencies in India. He started this campaign to reach to our leaders. The purpose of the #IndiaWantsCrypto campaign is to create awareness amongst everyone about the benefits of crypto if it is regulated properly. He has been tweeting to the government and decision-makers every day for over 150 days urging them to bring in positive regulations. It is gaining momentum and has been picked up by national and international media. The campaign has a worldwide reach now the whole world knows that India wants Crypto.

Indians are not much familiar with cryptocurrencies, so when this hashtag (#IndiaWantsCrypto) became viral on social media, people were keen to know about it. Shetty also has started a Hindi YouTube series called “Crypto Pe Charcha” where he invites thought leaders in the crypto space in India and talks about basics – like the tax on crypto, analysis, crypto for beginners.

By doing all this he can surely make Indians learn about cryptocurrency and its pros and cons.

Expansion of WazirX

After solving the problem of conversion of fiat into crypto and vice versa, WazirX now aims at working at an international level. It has already released in Indonesia. They want to bring P2P banking to countries all over the world, especially Asian, African and Latin American countries. In Europe and the US, they are comfortable in terms of banking. In other countries, banks are against cryptocurrencies. WazirX wants to ensure that globally, there is an easy way for people to move in and out of fiat to crypto.

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