$WRX AMA July 05, 2020 Recap

Venue: Eljaboom Crpto World Telegram Community

Moderator: Jee

Guest: Nischal Shetty

Jee:

Let’s start with the introduction question: 

Dear sir, Nischal Shetty, @nischalshetty 

Many community members like to Know more about WazirXIndia. will you please introduce yourself and WazirXIndia?

Nischal Shetty:

Sure! First of all, thanks a lot for inviting me here. It’s amazing to be amongst so many Crypto believers

I’m the Founder, CEO at WazirX. It is India’s largest and most trusted cryptocurrency exchange. I’ve also founded Crowdfire, a social media management tool with over 20 Million users after an all night coding session. I’m India’s top Blockchain influencer on Twitter with over 70K followers. I’ve also been featured in Forbes ‘30 under 30’ list. I’m on a mission to involve everyone in the blockchain revolution.

Launched in 2018, WazirX is India’s fastest growing cryptocurrency exchange with almost 600,000 users. WazirX is a part of Binance ecosystem, and available for global audience.

Eljaboom:

Its actually a question in mind

How old are you creative wazirx founder

Nischal Shetty:

I’m above 30 🙂

been working on my own startups for 10+ years now

One more thing to add about WazirX

WazirX has a native utility token called WRX. WazirX and WRX are backed by Indian entrepreneurs with over 10 years of experience in building and scaling global products out of India. WazirX was acquired by Binance in November 2019. The goal of WazirX is to make crypto accessible to everyone in India.

Twitter Questions:

Question 1 by @Abhijeetcg:

Can we see WRX trading pair soon in WazirX exchange?

Nischal Shetty:

nice question and I’ve seen many users ask this

💪

It’s definitely on our roadmap. We’ll definitely work on bringing the WRX trading pairs in the future

Question 2 by @Kryptochiller:

A. What are the Plans of WazirX for Indian Community? Also, Tell us how you would ensure quality service is delivered to the Indian communities and globally?

B. Can you share with us WazirX plan to Strategize Market Penetration into Indian Rapidly Growing Blockchain Market?

Nischal Shetty:

With WazirX, we want to make crypto accessible to everyone in India. We have an amazing customer support team that focuses on providing the best experience to our users. We are bringing live chat support on WazirX too. Besides that, we keep asking for feedback from our users, and make sure we implement on our exchange.

Ever since the Supreme Court of India struck down the banking ban on crypto, the interest of an average no-coiner Indian has been on a rise. At WazirX, we’re focused on spreading awareness around crypto, on crypto education so that the mass can also participate in this revolution. We’ll also connect with more exchanges and partners to make WRX more accessible to everyone.

Question 3 by @keer97:

There are many projects that are considered big competitors of WRX. Why should users choose WRX for the best choice?  In your opinion, what are the biggest differences and advantages that WRX brings when compared to others?

Nischal Shetty:

WazirX offers instant INR (fiat) deposits and withdrawal options available 24×7. Our INR trading market has the highest liquidity in India.

We offer the lowest trading fee in India, with frequent competitions for our users on the platform.

We have another WazirX feature – Smart Token Fund (STF) – which helps non-traders participate in crypto. STF helps you choose smart traders who will manage your crypto investments for you. This feature has shown good initial response from users.

We have 600,000+ users with the highest rated mobile app. I’m the most popular crypto influencer amongst other competitors. We have WRX which is listed on Binance, Poloniex, FTX, and more.

🚀

Above all, we’re part of the Binance ecosystem which will help us rapidly scale WazirX products globally

Question 4 by @maivoy:

Can WazirX meet all the features & needs of the financial ecosystem?Can it offer Speed,Security,strong infrastructure,innovative ecosystem,stable use & traditional bank solutions together?Can WazirX be the chief architect of the financial ecosystem?

Nischal Shetty:

WazirX team has been building products for over 10 years now. This vast experience helps us ensure we build WazirX in the right way. Having said that, we regularly conduct security audits and we follow software development processes to ensure we’re building WazirX into a robust and stable platform.

Question 5 by  

Wazirx gets full support from binance, does that mean coins that have been listed on Binance will find it easy to list projects on wazirx? Or wazirx has its own criteria for listing tokens on wazirx exchange?

Nischal Shetty:

Our team goes through token listing applications, and vets them before listing them on WazirX. We know that Binance also follows a proper due diligence process before listing a token on their exchange. Hence, if a token is listed on Binance, it will be easier for them to be listed on WazirX.

Telegram Questions

@aditya9798:

If any wazirX account holder deceased , will wazirX be doing anything to give that funds to his family or nominee

Nischal Shetty:

We work with the deceased person’s family members to help with recovery of the funds in such cases. We’ve done this before and we’ll continue to help.

@danand49:

On what basis is wazirx burning the token is it based on certain number of trades or time period?

And do we expect regular burning events of wrx coins as binance does for bnb?

Nischal Shetty:

WRX token burning is based on our trading volume each quarter. Yes, we’ll continue to burn WRX every quarter just like BNB does.

@ahmed9892231:

A. What is the distinguishing factor that makes “Wazirx” $WRX unique from the rest of the cryptocurrency pool?

B. Do you intend to expand in the Middle East?

Nischal Shetty:

India is a large market with over 1.3 Billion people. If you want to be part of an exchange that is going after this market then WRX is the only option today to help spread the word about Crypto in India. While there are many exchange tokens, WRX is the exchange token for India

Twitter Questions

Question 6 by @Bhargavi_Blockchain:

STF is the best product I found in WazirX so far which is different from many exchanges. Why the team don’t encourage it to public more often?

Nischal Shetty:

Smart Token Fund is a very new and interesting concept, and useful for crypto enthusiasts who don’t have the time, or skills to trade. They won’t miss out on being a part of the crypto revolution with STF. It’s a unique feature that helps crypto investors find expert traders, and let them manage their cryptocurrency portfolio.

It’s also secure. When you purchase a smart token, your crypto is sent to the fund manager. But the fund manager cannot withdraw the crypto. Fund managers can only trade the crypto and you can withdraw your crypto any time you want. This flexibility of entering and exiting STF anytime plus the safety of funds is what attracts everyone to STF. We’ll work on promoting it further over time.

We’re planning to add more features to STF, and start promoting it to crypto enthusiasts more.

Question 7 by @ahmed9892231:

A. What is the distinguishing factor that makes “Wazirx” $WRX unique from the rest of the cryptocurrency pool?

B. Do you intend to expand in the Middle East?

Nischal Shetty:

The beauty of crypto ecosystem is that every token is different with its own use case. The primary purpose of WRX is to be used for trading fee discount within the WazirX ecosystem. Another use case is to use your WRX holdings to determine any future airdrops we might get as part of promotion campaigns from various tokens that we list on WazirX.

We’ve given away over $15,000 USD worth airdrops among WRX holders. While we intend to provide more use cases in the future, I’m of the belief that focusing on a few use cases and going all in on making it super useful is important. This would mean bringing more users into WazirX, opening up P2P in more countries, integrating P2P into the Binance ecosystem etc.

🤞

WazirX spot exchange is already available for everyone around the world. If we get enough requests from Middle East, then we’ll definitely launch our fiat on-ramp here soon

Question 8 by @rhythms29 :

A. Several other exchanges offer an “academy” within their platform as a source of spreading awareness and bits of coins to nocoiners and newbies alike. Can we expect something like this from Wazir or perhaps even better? 

B.  I’d like to know what particular something about $WRX can boost mass adoption? And how does the team plan on achieving this?

Nischal Shetty:

In March, WazirX and Binance had announced a $50 Million ‘Blockchain for India’ fund to support Indian entrepreneurs trying to build in the blockchain/crypto space.

WazirX is also working on some very interesting things to promote crypto awareness and education in India. This will help no coiners understand more about the technology, and its potential.

I’ve answered second part of the question in the previous question already

Question 9 by @malachi456:

A. like every top exchanges, you have your own native TOKEN WRX, so can you explain more about the UTILITY and real life use case and application of WRX tokens.

B. How secure and robust is your FIAT GATEWAY and what currencies are currently available other than India INR?

Nischal Shetty:

I have answered WRX utility in Question 7 above

Our fiat gateway is very secure and fast. At the moment, we only support INR. Based on the demand from other countries, we’ll add fiat gateway for them too

Question 10 by @oidiotso:

A1. How does WazirX  solve the problems that exchanges are facing: system overload, lack of liquidity, hacker attack?

B.  Most exchanges closed or moved, what did Wazirx do to keep the cryptocurrency alive and become the largest, most reliable cryptocurrency exchange in India?

Nischal Shetty:

Part 1 of the question has been answered previously

We at WazirX, want to make crypto accessible to everyone in India

In 2018, when most crypto exchanges started shutting down or moving outside India due to banking ban, WazirX innovated and launched WazirX P2P. It is the world’s first auto-matching P2P engine, and has helped us solve the fiat <> crypto problem for 1 Billion Indians.

We have also been running a Twitter campaign called IndiaWantsCrypto for over 600 days to urge our government to introduce positive crypto regulation in India. Millions of people have joined the revolution.

Telegram Questions

@trader0fficial:

“DeFi IS THE TREND in CRYPTO nowadays and I think that we can add gaming as well. Can you tell us what are the WazirX plans regarding DeFi?”

Nischal Shetty:

I’m a believer of DeFi because I see it as one of the biggest innovation in the world of finance (it’s the first time in human history that finance is being done without any geographic boundary or permissions. 

We’ll definitely look into integrating DeFi into WazirX as DeFi ecosystem matures

@Oluwamayowa06:

What are the fees discounts and referall rewards I can enjoy on your exchange?

Nischal Shetty:

WazirX has always been about community driven growth. Staying true to the way we build and grow WazirX. we have a massive 50% referral commission program. This is one of the highest referral program in the industry.

@toanphamhd:

What do you think is holding the DeFi space back? What is preventing the mass adoption of DeFi products?

Nischal Shetty:

DeFi is new. Nothing is holding it back. The industry has grown over 600% last year and it’ll grow even faster this year. 

We’re all early watchers of this space. We should enjoy the fact that we’re seeing a new ecosystem being built right in front of our eyes. Do learn more about DeFi, it’ll be helpful.

Twitter Questions

Question 11 by @brianrian66:

A. What advantages does Wazirx have in terms of liquidity and transaction fees?

B. How is the listing process in Wazirx Exchange and how do you choose projects to be listed?

Nischal Shetty:

WazirX has the highest liquidity in our INR market. We offer the lowest trading fee which can be almost zero if you pay via WRX. We also have the lowest withdrawal fee starting zero. With the WazirX <> Binance integration, users can transfer USDT, BNB, BTC, and WRX between their WazirX and Binance wallets.

The second part of the question has been answered previously

Question 12 by @khiemcruz1992:

WazirX is currently India’s largest and most trusted cryptocurrency exchange, So is it still safe to invest ? even

high-level government panel on virtual cryptocurrencies has recommended a ban on all virtual cryptocurrencies in India?

Nischal Shetty:

There is no clear indication on whether the Indian government plans to ban crypto or not. The recent news that came out, is based on a note, the contents of which are unclear. It’s not clear whether the finance ministry intends to work upon the old draconian crypto bill or whether they plan to work on bringing a new bill.

Crypto is a nascent technology, and majority of people don’t have enough knowledge of it. This leads to myths and misinformation to rise every now and then. This has happened before with Internet, with taxi cab aggregators like Uber, or with Fintech apps when they were in early stage. It’s upon us to educate our decision-makers and masses.

Question 13 by @luckydraw66:

COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says??

Nischal Shetty:

We’re seeing a surge in user signups and trading volume ever since the crypto banking ban was struck down in India. Our monthly trading volume is growing at an average rate of 66%

Moreover, due to the COVID19 lockdown in India, people have had more time on hand to read about crypto, and it leads them to WazirX to buy crypto for the first time. India is seeing a lot of new people entering the crypto ecosystem.

Question 14 by @algojali:

Other exchanges launched their own blockchain and decentralized exchanges, what do you think about this issue? Will Wazirx in the future build its own blockchain and decentralize exchange?

Nischal Shetty:

We definitely want to launch our own DEX. However, we first want to focus on the growth of our existing exchange before venturing to the DEX.

Question 15 by @toanphamhd:

What is the global strategy of WazirX? You will enter different markets, local regulations will be the first obstacle WazirX need to overcome. How do you intend to deal with this legal issue?

Nischal Shetty:

We’re currently focusing on the India market. India has over 1.3 Billion people. Right now just 5 Million people in India are into crypto. It’ll be interesting to see these numbers grow. WazirX is going to focus on ensuring we make crypto accessible to maximum people in India

Jee:

🙏

Thank you so much, appreciate everyone being here.

🚀
🚀

Very good questions and great answers  

Pls. join wazirx_discuss group 

Nischal Shetty:

Thanks a lot for having me here!

Conclusion:

A great AMA session held with WazirX CEO Nischal Shetty, A range of questions were answered including, about the project, about the CEO himself, the future of the project, regulations, etc. The session was very informative and satisfactory. Thanks to all for participating in the AMA.