Namaste Tribe! I hope you liked the surprise! You’ve been asking for us to launch and though we were planning to launch in the last week of March, we decided to launch early, JUST FOR YOU!
I believe we did the right thing by launching last week because this gives us the opportunity to improve WazirX even faster. We had run alpha tests before launch and this helped our trading platform work really well at launch. A very small percentage of users encountered issues in deposit and withdrawal of cryptos and we’ve fixed those issues. We’ll be deploying those changes to our production servers tonight.
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.
Where is my WRX?
While we announced in our Telegram and Twitter channels that WRX balance will not be currently visible in the app and we would bring it at a future date, we’re still seeing questions around this. I thought I would clear it up. We’ve thought of a few ways to effectively communicate about WRX to everyone.
- WRX reserved on first trade: Your WRX is reserved the moment you make your first trade. A trade is a BUY or SELL on WazirX. There’s no separate minimum amount for trading in order to reserve your WRX except the standard trading minimum amount that we have set on the platform.
- WRX Balance: Very soon, you will see a WRX Balance option with Coming Soon statement under the Funds section. Clicking this will open a page that will inform you all about WRX and answer whatever questions you may have around it. This will ensure that everyone has clear information about WRX. I will let you know in advance when we start working towards displaying your WRX balance within the app.
- WRX Listing: We don’t have an ETA for listing WRX on WazirX but we do know that now is not the time for it. It’s too early and we as a tribe should first focus on increasing the trading volume inside WazirX. Let’s all start working towards that. Bring all of your friends on to WazirX and don’t forget to use your referral link so that you can continue to accumulate more WRX coins.
What happened last week
(read previous week update here)
- [Done] Readying WazirX for the beta launch: Not only did we make it ready, we went a step forward and launched our public beta!
- [Done] Phase 1 of our internal control center is done which helps us reply effectively to all the queries we get when you get in touch with our support team here.
- [Delayed] The WazirX launch took a lot of our time and hence we couldn’t send winner notifications for round 2 of the alpha test. We’re currently tied up with working on improvements to the trading platform from all the feedback we’ve received. We will not work on winner announcement this week and take this up next week.
- [Done] 2 nagging bugs: There were 2 bugs that a small percentage of users encountered. They got in touch with us, our team immediately started work on fixing them.
Bug 1: Few users’ cryptos were stuck at the withdrawal stage
Bug 2: Few users’ cryptos were stuck at the deposit stage
While we had done our best to test these out, these issues were such that we could have only caught them with more people testing it. Since this was around deposit and transfer of cryptos, we couldn’t test this in the alpha rounds. But I’m happy to let you know that we’ve fixed these issues and we’ll be deploying these fixes tonight! If you’ve encountered any of these bugs then please write in to our support so that we can ensure it’s fixed for you.
What we’re building this week
We got a lot of feedback from our early set of users who have started using WazirX for trading. Based on the feedback, there are 2 major improvements we need to pick up on priority.
- Robust and Fast INR Deposits: While INR deposits are currently happening in under 30 minutes during business hours, we know you want it to be instant. We’re figuring out the best solution to speed up deposits. We intend to finish up the improvements this week and make an announcement next week.
- Quicker INR Withdrawals: Currently, we process INR withdrawals at 5PM every day and they reach your bank account the next business day. We’re working towards speeding this up and make it really really fast.
- Improve the Crypto Module: We want to ensure that the coin and token deposits and withdrawals are smooth for you no matter what coin we list on WazirX. So before we work towards launching new coins, we want to first improve the infrastructure that supports the coins. This week we’ll focus on that and bring about a huge improvement in our Crypto infrastructure.
Something to add
Until now we’ve managed to deliver all that we’ve promised and we will continue to do that. As a tribe, we should focus on doing the right things at the right time and I’m here to make sure that happens.
A majority of you understand that we’re doing all the right things towards building WazirX and that this will ultimately lead to WazirX evolving into India’s most trusted and largest cryptocurrency exchange. If we can do this then WRX gets valuable as well.
Over time, I will reveal the use cases of WRX, the roadmap for it, the listing conditions and every thing else. But it will happen in stages. If we hurry up then we stand to sell ourselves too short as a tribe and WRX will not get the kind of listing that we all dream about. Please make sure you communicate this to your fellow friends if they’re worried or in doubt about WRX launch.
We’re the youngest crypto exchange in India but we have the most experienced team in the country!
Be proud of what we’ve done together in such a short span of time. We’re turning into a brand that people recognize already. Companies take years to reach the heights we’ve reached in about 40 days!
You and us are a crazy combination.
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 blogDisclaimer: 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.