Context:
WazirX, one of India’s largest bitcoin and cryptocurrency exchanges, crashed recently.
• In the past 24 hours, the value of WazirX Tokens — the exchange’s own cryptocurrency — had
grown 145%.
Analysis:
• A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows
customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
How WazirX Became India's Largest Cryptocurrency Exchange and Kickstarted Revolution In India?
The name WazirX comes from the word 'Wazir,' the Urdu term for the Queen piece in chess, considered one of the most powerful pieces in the game. Nischal started WazirX with a goal to provide users with the most powerful crypto trading interface accessible to everyone in India, and that has been a goal to provide users with the most powerful crypto trading interface accessible to everyone in India, and that has been a constant since inception. So much so that within 20 months of building the platform, WazirX was acquired by the world’s biggest crypto exchange, Binance.
Currently, WazirX stands tall as it is the largest cryptocurrency exchange system in India and it was trusted by All Investors in 2020. Its Trading was $6Billions, up a massive 405% From the Previous Quarter.
The exchange has several other USPs:
● Instant INR (fiat) deposit and withdrawal options
● Smart Token Fund to help crypto investors find expert traders, and let them manage their cryptocurrency portfolio
● The world’s first auto-matching P2P engine with high liquidity
● 150+ market pairs
Status of cryptocurrencies in India?
• Cryptocurrencies are not legal tender in India.
• While exchanges are legal in India due to the absence of a robust regulatory framework, a
the protracted licensing process makes it very difficult for certain cryptocurrency services and
innovative technologies to operate.
• Indian Individuals and Wealthy Members joining in Cryptocurrency Exchange system nowadays in India. On another side, Exchanges are welcoming new Investors to their respected Cryptocurrency exchanges.
• Several industry experts said that in the last year, wealthy investors have begun to consider bitcoin as a serious asset class—which means they are looking at it as a long-term investment.
• According to a recent report by PriceWaterhouseCoopers, the total assets under management of crypto hedge funds increased by 90% in 2020 globally, with the vast majority of investors in funds being either HNIs or family offices.
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