WazirX Year 1 in Review

Namaste Tribe! What a wonderful day. We’ve completed 1 whole year of going live with WazirX, and how! The credit for this amazing, successful journey goes to you, and our team’s relentless effort to ensure every Indian can be a part of the blockchain revolution.

I remember how the RBI announced a banking ban on crypto along with a three-month deadline soon after we’d launched WazirX. We knew we had to act fast and solve this, else India would be left behind in this global phenomenon! For us, it’s always been about building an innovative solution, and not copying something that exists. And that is what led us to launch not only India’s but the world’s first auto-matching P2P system!

And guess what, within 6 months of launch, we crossed ₹100 Crores worth of P2P trades — it’s sort of unbelievable in a bear market, and under a banking ban. It shows that WazirX P2P has been a tremendous success, and India wants crypto! It has helped us grow at a rate of over 50% month-on-month, and move WazirX to the top of the Indian crypto exchange ecosystem, making us the most-trusted and highest-rated crypto app in India.

While building WazirX, we wanted you — our tribe — to be deeply involved in helping us build and grow it. We did two important things that made it happen, and helped us gain your trust:

  1. WRX: It’s our way of inviting you to be a part of the success of WazirX. I don’t want you to look at WRX as a get-rich-quick token. If you want to participate in the long-term success of WazirX, then WRX is the way to jump in. If the last 12 months are any indicator, then you should know that we’ll do the right things to ensure that WRX becomes a very useful token in the future. I have some great plans for it and I’ll announce them as we implement those plans. Until then, keep accumulating it by working together with us to grow WazirX.
  2. 50% referral commission: I’ve been getting a lot of messages thanking me for this. We believe that you’re our growth-partner, and the 50% referral system is the best partnership ever. You get all your friends to WazirX, and we split the commission 50–50. It helps you build a long-term income solution where all you need to do is get each and every person you know to trade on WazirX. Till today, we’ve given away over ₹10,00,000 as referral commission!

After:

16,00,000+ lines of code
75,000+ app installs
33,000+ emails solved
22,000+ social media followers
2,500+ 5⭐️ reviews
365 days

We went from India’s youngest crypto exchange to India’s fastest growing exchange, and thank YOU for that! We’re just getting started, and need to involve more people in this blockchain revolution by spreading the word about crypto!

I strongly believe that India should be at the forefront of the blockchain revolution, and that’s why I started the #IndiaWantsCrypto campaign in November, 2018. The campaign has seen millions of views and engagement from the Indian and international ecosystem, and led to awareness about crypto. I’m hopeful that we’ll see positive crypto regulations soon.

As we begin Year 2:

We had set out to build WazirX as India’s most trusted and largest crypto exchange. If you look at our ratings, you will realise we’ve achieved that. So what’s next?

WE WANT TO GO INTERNATIONAL!

Yes, you heard it. We plan to take WazirX international. But there are so many exchanges already, so what’s going to be different about WazirX?

WazirX P2P

Fiat <> Crypto conversion is a global issue, and people around the world are facing delays and problems with converting fiat to crypto and vice versa. WazirX P2P — being unique — has the capability of solving the Fiat <> Crypto problem for everyone in the world. The next phase of crypto adoption will happen when the world’s Fiat <> Crypto problem is solved and with your support we can do it 💪

WazirX P2P has had amazing success until now in India. Did you know:

  • Over 30% of P2P transactions on WazirX get done in under 5 minutes
  • Our average P2P trade completion time is 19.4 mins, and we’re constantly working on reducing this further
  • Only 2% of WazirX P2P transactions go into dispute and we’re constantly working on reducing this further
  • There’s been 0% fraud cases on WazirX P2P

How can we not provide such an amazing Fiat <> Crypto platform to the world! Besides, going international ensures that WRX becomes even more valuable as we get to see a mass entry of international audience.

Most of the world’s developing and underdeveloped nations don’t have a great Crypto <> Fiat exchange platform. They have to make do with local products that take advantage by charging high fees and high spread. If you’re using WazirX P2P, then you’ll realise that we have the cheapest crypto rates in India and the reason is simple: We simply provide the smoothest, fastest and easiest trading experience on WazirX P2P. When you do that, your users do the rest of the work of ensuring liquidity and fast trade execution.

Are you excited?! I’d love to know your thoughts on our plans to take WazirX P2P international. It’s been in the works and we’re starting work on our roll-out plan. If you have any ideas and suggestions on which countries should be the best ones to launch first, then do let me know in the comments.

Apart from this, we have also been thinking about some innovative features for WazirX trading platform. These features are in early stages, and we’ll reveal them in our monthly blog updates as we near completion.

Last but not the least, the entire team at WazirX and I are extremely thankful to you — our tribe members for helping us. We’re confident that we’ll keep out-executing and out-innovating in the crypto space and continue to grow WazirX. I’m really excited about the WazirX P2P global launch and you should be too.

We’ll open registrations for global users next week.

Watch out for our announcement post, and spread the news among your विदेशी friends and family!

We’re just getting started with WazirX. This is Day-Zero and we have a lot of work ahead of us. Let’s continue to work hard. Let’s tell everyone about WazirX. Let’s win 🚀


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