WazirX
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About WazirX
WazirX is a leading cryptocurrency exchange in India that allows users to buy, sell and trade digital assets like Bitcoin, Ethereum, and more. Founded in 2018, WazirX has quickly become one of the most widely used platforms for crypto trading in the Indian market. With its user-friendly interface, robust trading engine, and focus on security, WazirX aims to make crypto accessible to millions of Indians.
History and Founding of WazirX
WazirX was founded in 2018 by Nischal Shetty, Siddharth Menon and Sameer Mhatre. The founders identified a massive opportunity in India’s nascent crypto sector, as the appetite for digital assets was growing but there were limited options to buy and sell them. Their vision was to build an exchange made in India, for Indians, keeping local regulations and conditions in mind.
After securing seed funding, WazirX launched in March 2018 and within a few months had over 50,000 signups. The exchange stood out for its intuitive UI, lightning fast order execution and responsive customer support. WazirX was acquired by Binance, the world’s largest crypto exchange, in 2019. This gave WazirX access to cutting-edge trading technology and liquidity in a move that supercharged its growth.WazirX’s Products and Services
WazirX operates a web-based exchange as well as mobile apps for Android and iOS. Users can securely buy, sell and store cryptocurrencies like Bitcoin, Ethereum, Tether, Dogecoin, Solana and more. WazirX uses automated matching technology for orders, ensuring transactions are executed rapidly.
For convenient crypto-INR trading, WazirX has introduced a peer-to-peer (P2P) platform. Users can buy USDT from verified sellers and then trade the USDT for other cryptos on WazirX. This allows Indians to trade crypto with INR in a regulatory compliant way.
WazirX also provides margin trading, staking services, deposit rewards, an NFT marketplace and a newly launched WazirX DeFi platform. The exchange aims to be a one-stop platform for crypto enthusiasts in India.
The WRX Token
WRX is the native utility token of the WazirX exchange. The total supply is 1 billion WRX, allocated over several stages of distribution. WRX tokens allow users to get discounts on trading fees, participate in community votes and access other benefits on WazirX.
Over 50% of the WRX supply was distributed to investors through public and private funding rounds. 20% was allocated to the founding team with a lock up period. The remaining 30% will be distributed to WazirX users through promotions, contests and rewards. This circular economy around WRX seeks to align user and platform incentives.
WazirX’s User Base and Trading Volumes
In under 3 years, WazirX has expanded rapidly and emerged among the top crypto exchanges in India. It has over 12 million users and recorded over $43 billion in trading volume in 2021. At its peak, WazirX was averaging $10.3 billion in monthly volume driven by immense interest in Dogecoin.
WazirX now consistently ranks among the top 10 exchanges on CoinMarketCap. User signups continue to accelerate, crossing 50,000 per day in 2021 compared to 10,000 per day in 2020. Such growth underscores the vast latent demand for crypto-trading platforms in India.
WazirX’s Security Measures
Security is paramount for crypto exchanges. WazirX utilizes industry leading security protocols like 2-factor authentication, withdrawal address whitelisting, DDoS protection and data encryption. User funds are securely stored in multi-signature cold wallets.
WazirX’s security protocols have proven robust even during high volatility events. In 2021, the exchange thwarted major hacking attempts during market-wide panic selling triggered by regulatory uncertainty in India. While other exchanges faltered, WazirX gave confidence that user assets would remain protected no matter what.
Partnerships and Investors
WazirX was funded by marquee investors like Binance, Fundamental Labs and Jump Capital. The Binance acquisition provided WazirX with financial muscle, global credibility and even deeper liquidity.
WazirX is now embarking on initiatives to expand crypto adoption across India. It has partnered with prominent Indian universities to launch blockchain research programs. WazirX is also incubating Indian blockchain startups through the WazirX Incubator Program. Such efforts will nurture the Indian crypto and Web3 ecosystem.
Competitors to WazirX
While WazirX dominates the Indian crypto trading market, competitors are looking to gain share. International exchanges like CoinDCX, KuCoin and Bitbns are expanding in India. Centralized exchanges also face emerging competition from decentralized exchanges like Uniswap.
However, WazirX enjoys powerful advantages including first-mover status, Binance’s tech backbone, a trusted brand name and the largest liquidity pool. It will be difficult for newer entrants to replicate the platform ecosystem that WazirX has built. Retaining its focus on the Indian crypto community will be key.
The Future of WazirX and Cryptocurrency in India
WazirX is poised to ride the crypto boom in India over the next decade. Its user base should multiply as digital assets become mainstream. WazirX is cementing its brand through intuitive products, customer-centric policies and education initiatives.
However, regulation remains a potential risk factor. The Indian government is yet to clarify its stance on private cryptocurrencies. WazirX advocates for “positive regulations” that do not stifle innovation. The exchange seeks to work hand-in-hand with policymakers to craft a regulatory framework that balances oversight with growth.
If supportive policies evolve, WazirX can emerge as the leading on-ramp for the Web3 revolution in India. Its dominant position, ambitious leadership and alignment with customer interests make WazirX a homegrown crypto success story.
