WazirX

WazirX is an Indian centralized cryptocurrency exchange with the objective to become the largest and the most powerful in the system.

What is WazirX?

  • Launched in 2018, WazirX claims to be India’s fastest growing cryptocurrency exchange with over 400,000 users, with an average app rating of 4.6.
  • WazirX is a part of the Binance ecosystem. WazirX and Binance have launched a $50 Million USD ‘Blockchain For India’ fund.  The exchange is available for the global audience.
  • WRX is the utility token of WazirX. WRX token is based on the Binance blockchain. Its total supply is 1 Billion. The token holders will be rewarded with various benefits on the trading exchange like trading fee discounts, WRX trade mining, token airdrop, margin fee, and more.
  • WRX is backed by Indian entrepreneurs with over 10 years of experience in building and scaling global products out of India. WazirX was also acquired by Binance in November 2019. The goal of WazirX is to make crypto accessible to everyone in India.

Key Metrics

TickerWRX
Token NameWazirX
Token Type/ProtocolBSC
Total Token Supply1,000,000,000 WRX
Current Circulating SupplySee coinmarketcap
Market CapitalisationSee coinmarketcap
Token Creation Date2018
Can it be mined?Yes

Who is behind WazirX?

The exchange itself is owned by Zanamai Labs Pvt Ltd and was launched in 2017. It was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.

Shetty is actually a Forbes 30 under 30 most influential entrepreneur in the world. He was the founder of Crowdfire marketing bot, a platform that helps bloggers and content creators to grow their audience.

What is the purpose of WazirX?

WazirX initially launched for Indians, with the aim to provide the most powerful queen piece of the cryptocurrency ecosystem.

It’s a simplified community-driven initiative where cryptocurrency enthusiasts can find expert traders, and let them grow their cryptocurrency portfolio on WazirX.

Insights

  • Their platform has an advanced trading interface with a live order book system that includes over 80 cryptocurrencies that are available to trade.
  • The entire platform has a wide range of different features, the majority of which are available on most cryptocurrency exchanges. However, some of these aren’t available on any other exchange in the world. These features include;
    • The actual WazirX Exchange – The main exchange for users to trade crypto in India.
    • WazirX P2P Exchange – A unique method of flowing into and out of cryptocurrency with fiat through the use of USDT through its automatic order matching system.
    • Trading Reports – In-depth reports of a traders trades
    • Smart Token Fund – A method for investors to find traders to trade their portfolio for them.
    • Mobile App – 200,000 downloads, 4.4 rating. 

Risks

  • Trading fees are higher than leading crypto exchanges.
  • The legal framework of India is not clear about the legality of cryptocurrency trading. Despite the recent encouraging words from the Finance Minister of India regarding the adoption of the crypto industry, the legal framework is still under development. Therefore, the Indian jurisdictional risk may pose a risk of business continuity to WazirX Exchange.

News and Updates

  • NFT Marketplace went live on the first day of June with some amazing spotlight artists. It is an NFT marketplace for artists and creators from India’s most trusted Bitcoin and  In June, they organised three trading competitions for WRX/BTC, WRX/INR and SHIB/INR to test their Project Raftaar.
  • Launching seventh education partner – Skill91. It is an ed-tech focusing on developing the skill sets of people from the finance industry as they want to bridge the gap from being just certified to being employable through our practical approach and market-recognized courses.

Community & Whitepaper Links

Disclaimer: 
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.

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