WazirX P2P arrives today

Have no fear, WazirX P2P is here 💪

WazirX P2P goes live today, 10th July at 3PM. With WazirX P2P, a buyer and seller can buy and sell cryptos for INR directly with each other. Here’s how it works:

A sneak-peek for you

Introducing Tether (USDT) to make stability and crazy liquidity happen!

Tether converts cash into digital currency to mirror the price of national currencies like the USD, the Euro, and the Yen. Tether (USDT) is a stable coin — cryptocurrency holding stable value — and is 100% backed by the USD held in their reserves in a 1:1 ratio. Hence:

1 USDT is always equivalent to $1 USD

While building WazirX P2P, we realized that since crypto price fluctuations are beyond our control, we needed to bring in a stable coin. Thanks to the amazing crypto ecosystem, there are plenty of stable coin options available! Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with Tether (USDT) to use in WazirX P2P. Also, USDT Deposits are live.

But what if I put my crypto for sale on WazirX P2P and its price drops or rises before it’s sold?

Our solution in one word: Stability with Tether (USDT). We’re launching our USDT market alongside WazirX P2P so that you can easily convert your cryptos to USDT. We’ve also ensured that there is enough liquidity in the market so that you can buy and sell at the best possible price. No other exchange in India will be able to offer such attractive prices! So whenever you want to sell any crypto: Convert your crypto to USDT > Cash out using WazirX P2P.

  1. Put your 5000 USDT for sale on WazirX P2P.
  2. When someone comes to buy 5000 USDT on WazirX P2P, they will transfer ₹3.4 Lakhs to your bank account. 💰

But will my funds be safe in WazirX P2P transfer?

Absolutely, yes! We’ve kept your fund security, and transaction legitimacy at the top of our priorities while building WazirX P2P! We’d promised that WazirX P2P would be the safest and most legal way to cash in/cash out of cryptos in India, and we’ll live up to our promise! But we understand that it’s normal for you to have a few fears as your money is involved here.

What if I transfer the money but the seller doesn’t transfer the USDT to me?

Before we ask you to transfer the money to a seller’s bank account, we lock the seller’s USDT on WazirX. This is called “escrow” where WazirX holds the USDT before you make a money transfer. When the seller confirms that they have received the money from you, WazirX will transfer this locked USDT to your WazirX wallet.

What if I transfer the money but the seller doesn’t acknowledge?

If the seller does not confirm receipt of money, then you can always mark such a transaction as disputed and we’ll quickly work on resolving this for you. Irrespective, you don’t have to worry about receiving the USDT as funds would be safely in the possession of WazirX and not the seller. WazirX will decide based on the dispute resolution whether to transfer the USDT to the buyer or the seller.

How do I know if I’m dealing with a legitimate person?

We verify the KYC details of every user before allowing them to trade on WazirX, and keep a record of each and every transaction that occurs on our exchange. This ensures that we have legitimate sellers and buyers on our platform — it’s all taken care of!

Isn’t Crypto illegal in India?

No. The Government of India has yet to come up with any laws around cryptocurrencies and until then, Indians are free to own and trade in cryptocurrencies. RBI is not allowing exchanges in India to hold bank accounts and that doesn’t make crypto illegal in India.

But the Finance Minister said cryptocurrencies are not legal tender in India.

Correct! And rightly so. It means that you can’t buy coffee and pay for it using BTC or ETH. Similarly, you can’t pay for your coffee using USD too. It’s because INR is the only legal tender in India.

What will happen to crypto in India?

While it’s hard to say at this point, we should look look forward to the 3 important events happening this month:


Nischal Shetty, CEO — WazirX. On a mission to involve every Indian in the blockchain revolution! Follow me on Twitter

WazirX

Building India's Most Trusted Bitcoin Cryptocurrency Exchange

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Building India’s most trusted cryptocurrency exchange.

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WazirX

Building India's Most Trusted Bitcoin Cryptocurrency Exchange