WazirX Crypto Exchange | Wazirx Wiki.

WazirX Crypto Exchange is India’s fastest growing Cryptocurrency Exchanges that give you a platform for crypto trading in 100 plus cryptocurrencies on its apps and website. It was founded by Nischal Shetty in 2018, headquartered in Mumbai, Maharashtra, India.

History-

WazirX Crypto Exchange was founded in March 2018 by Nischal Shetty (Founder), Sameer Mhatre, and Siddharth Menon. But after its launch, the government of India banned Crypto trading in the country.

In March 2018, RBI  issued a circular and asked all financial institutions, NBFCs, and Banks to stop providing services to all Cryptocurrency Exchanges that worked in India. Indian Crypto community filed the petition in the supreme court against the RBI circular.

WazirX Crypto Exchange had launched the P2P system after the banks stopped the Crypto transactions. It is the world’s 1st platform to start the P2P feature and this is a game-changer for WazirX in the India Crypto ecosystem. The Multiple P2P trade match happens every min and 90% of P2P trade is completed within 10 Min. It’s growing at a rate of 9.5% every month.

In Nov 2019, the WazirX trading platform was acquired by the International Trading Exchange, it was announced through an email to the users that it was acquired by Binance. But after Binance took over the WazirX platform worked separately from it. This propelled the company to fill the gap between the India Crypto market to the global crypto market.

In May 2021, WazirX Crypto Exchange launched the NFT (non-fungible token) platform that will feature exclusive artworks by artists, musicians, photographers from India, and the southern Asian nation. Its NFT marketplace is based on its parent company Binance Blockchain technology. The NFT collector can purchase artwork on the WazirX marketplace only using exchange native token WRX.

WazirX Products and services-

WazirX Crypto Exchange provides more Cryptocurrency trading as compared to other exchanges in India. It has listed 250 plus Cryptocurrency and gives easy deposit and withdrawal services. The company also launched its own NFT platform for southern Asian countries.

WRX Token-

WazirX Crypto Exchange native token, WRX is the utility token and it’s a backbone of the WazirX ecosystem. WRX token based on the Binance Blockchain technology, the total supply of the coin is limited to around 1 billion. The burning value of the WRX  token depends on the trading volume on the Crypto to Crypto platform; they destroyed 10% of WRX. They have eventually burned the 100 million WRX token.

Products Highlights-

1. 1 million-plus app install with a rating of 3.9.
2. Multilingual Support.
3. Available on Android, iOS, Mac, and Windows.

Services-

With WazirX Crypto Exchange you can Buy and Sell trade in digital currency. It gave the 250 plus currencies a seamless interface for trading. WazirX exchange has opened your bank account for depositing fiat currency. It also provides the safest cold storage wallet so you can hold your cryptocurrency in that wallet.

P2P Trade-

WazirX P2P is the next Generation system; it has a simplified process of deposit and withdrawal of fiat currency. The P2P system has been designed in a way that matching orders completely happen in record time. Also, users find an easy way to make a trade because the P2P interface is similar to regular trading.

Partnership-

WazirX Crypto Exchange has strategic partnerships with De-Fi Apps, Exchanges & wallet, Bianance Ecosystems. It helped WazirX P2P to provide a seamless trading platform. WazirX native token based on Bianance Blockchain technology, the WazirX user can connect their account to the Bianance trading platform.  It has some press coverage from different platforms such as Ciondesk, Bitcoin.com, Financial Express, CNBC Awaaz, Moneycontrol, NDTV profit, NewsX, Business Standard, etc.

Security Highlights-

• Major chunks of funds in cold storage.
• Multi-signature wallet system.
• Full KYC and AML guidelines.
• Fund withdrawal request needs two-factor authentication.
• Regular security checks.

Controversy-

On 11 June 2021 WazirX Crypto Exchange received an ED notice for contravention of FEMA, 1999 for a transaction involving Cryptocurrency worth Rs 2790.04 Crore. After that company CEO Nischal Shetty said on the social media platform, should we receive a formal communication or notice from the ED, we’ll be fully cooperative in the investigation. In the end, he mentioned one note for their users, your funds are safe on WazirX.

WazirX Account Opening-

• Download the WazirX app or visit the website, click on the sign-up button.
• Fill in your email address and desired password.
• Agree with all Terms and Conditions.
• Press the sign-up button.
• You will get a verification email, if you received it then verify the email. If you haven’t received it then check your spam folder or hit the resend button.
• Securing your account, you have to choose Authenticator apps.
• The last stage is KYC verification, for KYC verification you have to select your country and upload an ID document.
• After verifying your KYC, you will get access to your WazirX account.

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