WazirX offers P2P money transfers and allows customers to buy cryptos in spite of the fact that the RBI has banned banks and all other registered financial entities from facilitating any crypto transaction.
Running promoting stage Crowdfire, three young fellows saw the potential in cryptocurrencies and trusted it would change their lives.
The costs of Bitcoin taking off to $12000 a year ago drove Nischal Shetty, Siddarth Menon, and Sameer to likewise observe the benefits of cryptographic forms of money in taking care of exchange in light of their decentralized nature, and their capacity to take away the influence of issuing and directing cash by national banks. The trio established WazirX in mid-2017 and started assembling the innovation to empower exchanging and trade of digital forms of money.
Founder and CEO of WazirX Nischal stated, “We decided to venture into the world of Blockchain technology and crypto assets after getting acquainted with its massive potential and future growth prospects.”
He further added that his intent was to launch a crypto asset exchange that was India centric.
Cryptocurrencies and Blockchain are two major monetary utilize cases later on. The blockchain is a record of exchanges that brings all gatherings onto a solitary stage with consistent data that can't be tampered.
Nischal has a degree in Computer Science from Visvesvaraya Technological University and began his career as a software engineer. He likewise happens to be a Blockchain influencer on Twitter. Siddharth has product design background with over 10 years in product building and Sameer is a designer who prior worked in Network18.
Nischal stated, “With WazirX, the idea was to create India’s very own and most trusted crypto assets exchange, enabling Indians to build up their digital assets by buying, selling or investing in digital assets, such as Bitcoin, Litecoin, Ethereum and Ripple. In addition to supporting the leading crypto-currencies, WazirX has also launched its own digital asset, WRX.”
“We presently allow trading in Bitcoin Cash, and Ripple as well. We will be launching new coins every week,” says Nischal.
Today they are allowing people to purchase crypto through P2P exchanges. There is a control on P2P loaning and not P2P cash exchanges utilizing stages like PayPal or WhatsApp.
The business model is driven by transaction fees of 0.1 per cent per transaction. The platform has 50,000 registered users on the platform trading cryptocurrencies.