WazirX is a trading platform founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon which was launched in India in the year 2018. Back in the days, when the Indian central bank banned the banks from dealing with cryptocurrencies and exchanges in India started shutting down. Then came Wazirx and launched the world’s first auto-matching peer-to-peer engine in India. This opened the gates for 1 billion people in India to invest in cryptocurrencies and be a part of the digital revolution.
It was initially launched for Indians with the aim to provide a solid cryptocurrency ecosystem. At the time of launch, Wazirx initially distributed free tokens for their early users to be a part of their success. In the end, I will also give my personal review of the exchange.
Now I will discuss some unique features of the Wazirx exchange
STF’s aim to involve cryptocurrency enthusiasts who don’t have time to trade, don’t know how to trade, or don’t know which coin to trade. Cryptocurrency enthusiasts can find expert traders to trade for them in STF’s and let them grow their cryptocurrency portfolio. There are currently 15 STF’s in Wazirx to invest in.
Shortly after the Wazirx Exchange launch, RBI (Reserve Bank Of India ) imposed a banking ban on cryptocurrencies. Due to this almost all of the exchanges were shutting down. But Wazirx stood back strong and came up with World’s first auto-matching P2P (Peer to Peer) System.
When Buyer places USDT buy order, it gets instantly auto-matched with a seller
The buyer pays this amount directly to the seller's bank account
Both buyer and seller confirm sending and receiving payment respectively
WazirX transfers the escrowed USDT to the buyer's wallet.
With the help of this P2P technology, many Indians got an opportunity to continue to trade cryptocurrencies. several cryptocurrency wallets, exchanges, DeFi apps do not contain a system that takes INR into the system and convert it into a cryptocurrency.
With help of the Wazirx P2P engine several cryptocurrency wallets, exchanges, DeFi apps can onboard new users and this, in turn, increases their user growth.
Hence, Wazirx will be very useful in bridging this gap.
Acquistion by Binanace
After 20 months of building India's biggest and most trusted exchange, Wazirx was acquired by Binance.
Wazirx acquired by Binance
Binance is currently the largest cryptocurrency exchange in the world with the highest trading volume and many exciting features.
There are currently 170,000+ app installs with an average rating of 4.5+ stars
Available on Android, IOS, Web, Mac, and Windows
My personal overview of Wazirx exchange
Coming to my personal opinion about the WazirX Exchange there are some pros and cons
I love the User Interface, it is clean and simple to use
P2P feature helped me a lot when there was a banking ban in India
The liquidity of the exchange is excellent
Almost every famous or potential project is listed in the Wazirx Exchange
The transaction fee is a little bit high.
If you want to know further details regarding the exchange here is a link to Wazirx’s White paper.