WazirX is an Indian Crypto Exchange, developed by co-founders of Crowdfire, namely Nischal Shetty, Sameer Mhatre, and Siddharth Menon. They launched the platform in March 2018 on Web, Android, and iOS with the support of multiple cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies in India. The exchange was acquired by Binance in Nov 2019.
WRX, the native token of WazirX exchange, is the utility token forming the backbone of the WazirX ecosystem. The WRX token is built on Binance Chain with multiple use-cases including trading fee discounts, WRX Trade Mining (unlock and earn WRX tokens by performing trades), paying for margin fees, and more. The goal of WazirX is to make crypto accessible to everyone in India.
Millions of people worldwide, especially in developing countries like India and other underdeveloped countries face delays and banking issues when buying or selling cryptocurrencies with fiat currency. Mass adoption of crypto is extremely difficult without solving the fiat-crypto problem.
WazirX is here to solve this issue by its innovative and one-of-a-kind solution WazirX P2P.
WazirX was unveiled on January 31st, 2018 with one important thing in mind, to provide every Indian with a product that surpasses every other global product in terms of quality. The WRX token too was introduced on the same day, it was India’s first token backed by a cryptocurrency exchange.
After extensive coding and testing, WazirX exchange platform was finally launched on 8th March 2018 with 3 tokens Bitcoin, Litecoin, and Dash.
The native WazirX token (WRX) was instrumental in driving user growth and community engagement on the WazirX platform. 150 Million WRX tokens were airdropped for early adopters as sign-up bonus and referral bonus for joining WazirX exchange. The IEO of WRX token was held at Binance exchange on 3rd Feb 2020.
After the IEO the airdropped tokens are being distributed through an ongoing schedule. Recently WazirX announced the first burning of WRX tokens as per their roadmap and whitepaper. WazirX will burn WRX token every quarterly based on the trading volume on the exchange platform. WazirX will continue burning WRX until it destroys 100 Million WRX, i.e., 10% of WRX supply. WRX burn for the quarter of April 2020 – June 2020 will happen in July.
WRX is a BEP2 token on Binance Chain, and central to the WazirX ecosystem. The total supply of WRX tokens is 1 Billion tokens, the current circulating supply is 113,252,172 WRX and the Marketcap is $14,032,243 USD. The token is currently listed on Binance, WazirX, CoinDCX, Bilaxy, FTX, Biki, and Sistemkoin exchanges with a daily volume of $9,303,933 USD. It recently got listed on the very popular Poloniex exchange as well. WRX token is also supported by Trust Wallet and tradable in Binance DEX.
India is one of the fastest-growing mobile FinTech markets globally. Cryptocurrencies have a huge opportunity to make use of this potential market. But a banking ban imposed by the Reserve Bank of India (now removed) in 2018 hampered the progress of the nascent crypto market.
Top Indian crypto exchanges of that time had to shut shop after the ban. Shortly after the RBI's banking ban on cryptocurrencies, WazirX launched its unique auto-matching P2P fiat to the crypto solutions. This move proved to be a game-changer and made the platform the safest, cheapest, fastest, and simplest way to trade cryptocurrencies using INR in India. In November 2019 WazirX was acquired by Binance, the world’s largest cryptocurrency exchange, and blockchain ecosystem, making it India's first-ever crypto exchange to be acquired by an international one. With this acquisition, WazirX will be able to extend its P2P advantage to more countries and solve crypto conversion problems for the masses.
Binance with WazirX has also set up a ‘Blockchain For India’ fund of $50 Million to help in pushing the growth of the blockchain ecosystem by funding start-ups in India.
WazirX is built by a team of hardcore traders and passionate blockchain believers. The CEO and founder Nischal Shetty also the founder of Crowdfire, a social media management tool, has 10+ years of experience in software development and is India’s top Blockchain influencer. He is also featured in Forbes ‘30 under 30’ list.
Sameer Mhatre Co-founder of WazirX and Crowdfire has 10+ years of experience in software development, and Siddharth Menon, Co-founder of WazirX & Crowdfire, has expertise in consumer society and FinTech, along with 15years of entrepreneurial experience.
WazirX exchange's advanced trading interface and unique products & features have outclassed other crypto exchanges and brought about large scale adoption of the exchange platform and the WRX token. The most popular products are:
WazirX P2P: With the world’s first auto-matching P2P engine, WazirX P2P is the next generation P2P system that has simplified the process of depositing and withdrawing fiat tremendously. It is a go-to method for Indians for depositing/withdrawing INR. Now with Binance acquisition, WazirX plans to solve the fiat to cryptocurrency conversion problem globally for many more countries.
Smart Token Fund (STF): The STF aims to involve enthusiasts who do not have time to trade and/or do not know which token to trade or how to trade into crypto. It is a simplified community-driven initiative where cryptocurrency enthusiasts can find expert traders to help them grow their cryptocurrency portfolio on WazirX.
Trading Platform: WazirX crypto-to-crypto markets with 80+ cryptocurrencies are available for everyone globally and can be accessed via the Android, iOS, Web, Mac, and Windows platforms.
Other iconic features like Deposit Dhamaka, WRX Trade Mining Rewards, XID, Highest Trader contest, WazirX API have also helped in making WazirX the topmost exchange platform.
The crypto adoption is just getting started and we are in the early stages of the revolution. In the next 2 to 3 years crypto will go mainstream. It has already started disrupting payments, and will soon disrupt the supply chain as well. Most importantly, crypto can help the unbanked with financial inclusion. WazirX exchange and WRX token, with their unique products, can fuel the adoption rate and help it happen at an even faster rate.
WazirX is currently India’s largest and most trusted cryptocurrency exchange with almost 600,000 users. The development team has continuously innovated and grown WazirX to its current position. The team intends to keep making new innovations and bring more improvements to the exchange platform and drive mass adoption across the globe.