WazirX is a cryptocurrency exchange, currently in development, that aims to be the most trusted Bitcoin exchange operating within India. In addition to its plans to launch a full crypto exchange that will support several different cryptocurrency pairs, WazirX is also introducing its own token, the WRX Coin, for use on the platform.
What Is WazirX?
The WazirX executive team, as listed on the company’s website, are all co-founders of a social media management app known as Crowdfire, which was created in 2010. These three (Nischal Shetty, Sameer Mhatre, and Siddharth Menon) are the only individuals listed directly by the company. All three have programming backgrounds.
Other than that, there’s no concrete information about WazirX, save that it’s located in the Mumbai region of India. There’s also no specific documentation regarding how WazirX will function, either.
While there’s no direct info on the website, the founders have given interviews to external sources that have revealed more information regarding their plans. Saying that the state of Indian cryptocurrency exchanges was simply too poor, WazirX co-founders saw themselves wanting to throw their hat in the ring in order to bring better service to the country’s cryptocurrency enthusiasts.
The WazirX India Bitcoin Exchange For Crypto Coin Trading Product
WazirX, once fully launched, will act as a traditional cryptocurrency exchange for several different crypto pairs. It will also feature its own exchange-backed token, WRX Coin, much in the same way that operations like Binance or Cobinhood, two successful crypto platforms, have done in the past.
The platform itself is in prelaunch, accepting registrations from Indian residents. For the first 30,000 traders, WazirX is offering 250 WRX coins as incentive. Additionally, once the platform launches, members will be credited an unspecified amount of WRX for their first trade. Plans are eventually to have the token listed as a trading pair on WazirX, but not until after it has been established as a standalone exchange.
The WazirX WRX ICO Opportunity
In addition to being able to trade on an exchange located within India and marketed toward the needs of Indian residents, joining WazirX provides members with the opportunity to begin banking some WRX tokens before they come publicly available.
Also, WazirX is offering a simple referral program as well in an attempt to drum up widespread support for the new exchange. In addition to the initial 250 WRX, members can receive an extra 100 WRX for every new friend they bring aboard. There seems to be no stated limit on how many times a member can earn this recruitment bonus.
With this cryptocurrency exchange being the brainchild of the individuals behind the Crowdfire app and its stated goals of providing an easy entry for Indians to begin trading cryptocurrency, WazirX certainly has a lot of potential. The only thing we can truly complain about is that there’s no set timeline for when the platform will be up and running, as pre-registration runs for the next 30,000 new users and not for a specified time.
Besides that, it’s obvious that WazirX isn’t going to be much use for anyone who lives outside of India. The company is specifically asking that only Indian residents sign up for the exchange. This is only fair, considering how many other good exchanges exist out there for people living in other locales around the world.
In a way that’s likely to be WazirX’s strength as well as its weakness. With no membership support available from outside India, it’s in WazirX’s best interest to incentivize memberships in any way it can. Giving away free WRX tokens is likely the best way to do so, but only for those Indian residents who are already interested in cryptocurrency. If WazirX wants to truly flourish, it will have to find a way to galvanize large proportions of India’s burgeoning population that aren’t initially interested in or educated about cryptocurrency.
For what it’s worth, we hope WazirX is successful. When it comes to exchanges, the more the merrier – it helps to democratize and spread cryptocurrency among the world while also providing high levels of competition between existing exchanges when it comes to customer service, transaction fees, and feature sets. Here’s hoping for a successful launch in the future.