WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of Binance group, which is the world’s largest crypto exchange, serving users in 180 countries.
WazirX and Binance have recently announced a $50 million Blockchain India Fund in alignment with its vision of making crypto accessible to India.
With a volume of $5.4 billion per month, and growing at an exponential pace, WazirX is seeing a steep rise in the number of new users as well as trading activity. With 6 million registered users, WazirX’s growth has just started.
WazirX and Nischal Shetty, the pioneer of the #IndiaWantsCrypto movement, have a social media reach of more than 5 million.
In 2018, the central bank of India (RBI) released a circular that prevented banks from dealing with crypto startups. This caused many exchanges to shut shop, many went outside India.
But WazirX’s founder, Nischal Shetty, went ahead and started a campaign on Twitter. He tweeted #IndiaWantsCrypto with facts about crypto to regulators and politicians. The campaign united the entire crypto industry reaching more than 10 million people, being covered in various newspapers and TV Shows, reaching politicians and lawmakers, educating the masses while uniting them under one cry: #IndiaWantsCrypto.
This campaign ran parallel to the court battle fought by IAMAI represented by lawyer Ashim Sood. The prolonged court battle affected the sentiments negatively, and hampered trade.
At this crucial juncture, WazirX pioneered the world’s first automated P2P trading platform. This got the engines of crypto trade in India started again. Users could trade safely while being in the bounds of the law.
#IndiaWantsCrypto ran for more than a year and though the winds kept changing, Nischal continued with the campaign.
The campaign was on Day 489 when India’s Supreme court ruled in favor of the crypto community. The RBI could not withhold banking support anymore. With this, the Indian crypto industry saw a huge rise in new entrants as trade sentiments turned positive.
Even after this, WazirX is working with the Internet and Mobile Association of India (IAMAI) to push for positive regulations. The campaign for positive regulations is on-going and has reached over 850 days and counting.
On Feb 1, 2021, the parliament of India presented a bill on crypto named ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021″ – which created FUD in the Indian crypto ecosystem. Over 7 million people associated with 7,500 Crore+ crypto assets can’t go for a toss.
While the crypto space was wondering what will happen, the Finance minister, Nirmala Sitharaman clarified the doubts by stating that the government is still formulating its opinion on cryptocurrency and will take a calibrated position.