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Trading Week 1 update: Rs. 1 Crore worth of trades!

By March 19, 20183 minute read

Namaste Tribe! Week 1 of trading being live has been great! We did not expect this volume in the very first week of WazirX with just 3 coins being listed. We’re delighted, excited and working even harder than before to make WazirX into India’s largest cryptocurrency exchange.

I wanted to answer one of the most asked question that I’ve been getting from many of you.

Why do we have only 3 coins listed right now?

To be honest, we weren’t planning to launch WazirX so soon. We wanted to build more and launch in the last week of March. However, your enthusiasm for the platform made us go live faster than we thought we could.

We wanted more time to speed up INR deposit/withdrawal process. We knew that if we launched many coins together then we would have a difficult time managing the development and fixing up issues for a large number of users. With less coins, we’ve been able to identify all the remaining glitches in the platform and have fixed almost all of them. We’ll continue to iterate the WazirX platform. We’ll apply the final improvements from the feedback we’ve been receiving from those who’ve been actively trading on WazirX since launch.

Now that we’re close to releasing instant deposit and withdrawals, we’re ready to start work on integrating more COINS/TOKENS!!!

We agree with you. It’s no fun trading with less coins. It was also one of the reasons why we built WazirX -> To give you more choices with respect to coins.

As we integrate more coins, we’ll pick up speed and be able to deliver new coins at a faster rate. The first few coins might be slower but don’t assume that to be the case always. We learn fast!

REMEMBER: Until April 1st, 2018, there is absolutely NO FEES on Buy and Sell. I would urge you to make the most of this opportunity.

What happened last week

  1. [Ongoing] Robust and Fast INR Deposits: We’ve made great progress with speeding up INR deposits and intend to make an announcement this week once we’ve tested it out.
  2. [Ongoing] Quicker INR Withdrawals: We’re still building this out. Our experience with withdrawals showed that customers end up entering the wrong account info often and this leads to delayed withdrawals for them. We’re building in a way to prevent that. Once we’ve done that, we’ll then build quick withdraw feature.
  3. [Done] Improve the Crypto Module: We set out to build a robust way for you to be able to deposit and withdraw cryptos. We’ve fixed all the small bugs that we encountered with your help and crypto withdrawals and deposits have been working super smooth for everyone now!
  4. [Done] Widgets: We launched Widgets for Android and iOS as a surprise feature for all of you. We’ve been getting great feedback from everyone. You can now constantly check the prices of coins listed on WazirX without needing to open the app. You can read more about widgets by clicking here.

What we’re building this week

  1. [Ongoing] Fast INR Deposits: This is a continuation from last week. If you’re really reading this blog post then click here and help us test this feature right now!
  2. [Ongoing] Fast INR Withdrawals: This too is a work in progress. We’re not sure if we’ll get done with fast withdrawals this week as we’re implementing some security features as part of this. We’ll keep you informed.
  3. Start work on integrating new coins: We’re going to start work on integrating new coins as all our testing and bug fixes for the platform are done. We are happy with the rapid pace of improvements we’ve done with your help! We’re inching closer to prime time. We believe, with more coins, comes more power to you!

Something to add

Once I get some time from all the work we’re doing on the WazirX exchange, I’ll work on revealing the use cases of WRX coin to all of you. I don’t want to hurry it up and post it out. I want to take some time to think through the use cases, find and fix flaws and only then make it public.

Until then, get all your friends to sign up on WazirX with your referral url and keep accumulating more WRX. Remember, it’s the believers who WIN!

Jai Hind.

Nischal Shetty, CEO — WazirX. On a mission to involve every Indian in the blockchain revolution! Follow me on Twitter
*Above content is migrated from medium to wazirx blog
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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