Namaste Tribe! What a week this has been! It started smooth and out of nowhere the entire crypto community was taken by surprise when RBI released a statement prohibiting banks in India from dealing with crypto. This led to panic selling across India. The markets stabilized quickly though and things are back to normal now.

At WazirX, we’re committed to getting every Indian to be a part of the Blockchain revolution. Don’t be worried. We’re working on some solutions internally that will help you keep trading in cryptos. We’ll reveal more information when it’s ready.

INR Deposits and Withdrawals are working fine right now and you can continue to trade. The RBI circular says that existing businesses have 3 months time before banking access is revoked. We need to come up with a solution before that.

What happened last week

1. [Done] Notifications: Price alert notifications are now live for Android. It’s a very basic version right now. We will make notifications even more powerful as we progress. We have also started displaying in app alerts when your trade executes.
2. [Done] BCH Listing: We listed our 5th coin last week. Expect many new coins in the future!
3. [Done] Order Book indicator: Now you’ll be able to see red dot against your sell order and green dot against your buy orders on the Order Book. This will help you identify what position your trades are on.
4. [Done] In app announcement section: We now have an in-app announcement section which will help our mobile app users stay updated on the latest news and information about WazirX.
5. [Done] Bid-and-Ask Suggest: The Buy/Sell form now displays the lowest buy price and highest sell price that will help you execute your order instantly. Just click that and place an order.
6. [Done] Reducing BTC Withdrawal Fees: We’ve reduced our BTC withdrawal fees by 50% to 0.0005 BTC!

What we’re building this week

1. ​WRX: We’ve started work on integrating WRX into WazirX. Very soon you’ll be able to see the WRX that you have earned until now!
2. [Ongoing] Ethereum Integration: We’re almost done! Once we launch Ether, expect us to launch ERC20 tokens really, really FAST!
3. [Ongoing] Maker -Taker Model: We’ve already announced this model and are keen to get feedback on this from all of you. Please do share your feedback. Currently, Makers earn 0.20% Bonus and get Zero Fee trading while Takers have to pay just 0.25% as trading fees. This is a win-win for both Makers and Takers.
4. [Ongoing] Themes: Themes are rolling out on Android and iOS. Do update to the latest version. Then go to Settings and click “Appearance”
5. Modify Orders: Oh! You’re going to love this feature. We’re constantly finding ways to help you improve your trading speed and this is going to help you increase your trading speed even further. Watch out for an announcement this week.

Some achievements last week

1. ​Highest volume day: We’ve yet again beat our previous high of Rs. 40 Lakhs. This week we had our highest trade volume of about Rs. 75 Lakhs. Our first target is to have a 24 hour high of Rs. 1 Crore. We’re confident we’ll reach there soon with your help.
2. Telegram Discuss Group: We opened up our Telegram Discussion group to everyone. The group now has over 2000 crypto enthusiasts and it’s growing everyday! You can join by clicking this link.

RBI Update

We have a few solutions to the banking problem that has cropped up in India due to RBI’s recent circular that prohibits banks from providing cryptocurrency startups with banking services.

We should not forget, we come from the land that invented “Jugaad”. Have faith, we’ll come up with the best possible solution to solve this problem that the crypto community is facing. Cryptos are the future and we dream of India being at the forefront of the crypto revolution. We cannot let down millions of Indians who are at the center of this revolution. Stay strong and stay together!

Jai Hind!

*Above content is migrated from medium to wazirx blog