India’s Crypto Exchange, Wazirx, Expands Its P2P Automated Service Globally!
India based crypto exchange, Wazirx, is set to expand its services to more countries as a solution to the strict banking policies towards the cryptocurrency market. The exchange has designed an automated matching machine that will facilitate P2P transactions locally. Interested crypto traders will have up to 40 pairs being automatically matched based on their region. Wazirx plans to react according to the demand of its services hence crypto savvy countries with banking restrictions might be the first markets.
Nischal Shetty, Wazirx CEO, confirmed that the firm is indeed expanding horizons in an interview with news.Bitcoin.com. The CEO said that they will launch the automated matching P2P machine in the course of the week making 40+ digital asset pairs available in a few countries. The P2P services according to Nischal will follow a market demand approach. Wazirx will be extended to regions that record more signups as earlier mentioned.
Other clarifications noted by Wazirx CEO was non-Indians seeking to leverage the automated matching product. Nischal said that they will be subjected to an identity proof check together with mobile number verification. This is meant to improve AML and KYC compliance in any operating country.
Wazirx Automated P2P Matching Machine
Wazirx is still a young entity having existed for a year only but the firm continues to make a significant impact in the P2P exchange of digital currency. Today, the platform completes a third of its transactions within a span of 5 minutes while on average all are completed under 20 minutes. In addition, no fraudulent cases have been reported apart from 2% of transactions that have been disputed. However, Wazirx is constantly making efforts to deal with disputes and avoid similar scenarios.
A Solution To Strict Banking Policies For Crypto
Since the regulation of banking services towards crypto businesses in India, the market players have opted for new options. Some of these include developing P2P automated systems to increase market liquidity. Nischal explained that Wazirx provides an experience similar to that of forex trading platforms while escaping the hurdles by the financial intermediaries. He summarized with;
“Presently, many users in a lot of countries are stuck with bad local exchanges that have high fees and high premiums on crypto,” Shetty asserted. “We’ve seen banking issues resulting in account freezes and causing trouble to users in many countries,” he continued, noting that “P2P is safer as we’ll never hold the users’ fiat in our own bank accounts.”