WazirX is the world’s first auto-matching P2P engine in India and the by-product of crypto regulation and a ban on dealings with cryptocurrency businesses and exchanges by India’s central bank. As of today, WazirX P2P is the go-to method to deposit and withdraw INR in India and has been growing steadily.
Originally, WazirX was built for Indians to provide the most potent queen piece of the cryptocurrency ecosystem and a solid product that offers world-class UX and transparent communication.
WRX is the official token of the WazirX trading platform and was launched to involve the WazirX community build and also reward them accordingly for contributing to the platform. WazirX’s native token, WRX is the utility token that is the backbone of the WazirX ecosystem and will be based on the Binance blockchain.
It has a total supply of 1 Billion and every token holder will be rewarded with various benefits on the trading exchange.
WazirX intends to stay true to the ethos of cryptocurrency and blockchain, which is to share the rewards of WazirX. At the time of launch, the team distributed WRX tokens to its early users to allow them to be part of our success.
WazirX P2P feature was developed when the Indian cryptocurrency industry was hot with a ban by the government. Not wavering from the assured mission, the WazirX team innovated and created WazirX P2P which is the world’s first auto-matching P2P engine. Peer-to-peer systems are classified listings where users purchase cryptocurrencies with fiat money. The average P2P starts from when a buyer places USDT buy order and gets instantly auto-matched with a seller. The matched buyer and seller confirm the sent and received payment via the escrowed policy.
USDT is then sent to the buyer’s wallet while the seller bypasses the government policy and received their funds directly into the seller’s bank account.
Who are the founders of WazirX (WRX)?
The founder of WazirX is Nischal Shetty who serves as the founder and CEO. He also founded Crowdfire after an all-night coding session and is regarded as one of India’s top Blockchain influencers on Twitter with over 60K followers.
He has also been mentioned in Forbes 30 under 30 and aims to involve everyone in the blockchain revolution.
Sameer Mhatre is the co-founder and CTO of WazirX and also co-founded Crowdfire with Sherry. He oversees all things tech and is an ace developer (full-stack) and designer for fun, he solves programming puzzles on TopCoder.
Siddharth Menon is also a co-founder and the COO of WazirX. He innovated the world’s first auto-order matching P2P exchange and more and believes in the adoption of an open and decentralized economy.
What is WazirX (WRX) used for?
Trading Fee Discount
WazirX offers a 50% trading fee discount to those who pay fees using WRX tokens and intends to run this program for 4 years.
Users in each country will be able to mine, unlock, and earn WRX tokens by performing P2P trades.
There might be fees for listing tokens on WazirX, and users can pay the same using WRX tokens. During margin trading on WazirX, there may be a fee or interest on the borrowed amount. These debts can be paid using WRX tokens.
The token holders will also get the power to vote in listings, or future feature releases.
What is the Unique Point of WazirX (WRX)?
WazirX P2P is the next generation P2P system – P2P 2.0 – that has simplified the process of depositing and withdrawing fiat tremendously. Users find it easy to use because the P2P interface and experience are similar to regular trading. Moreover, the P2P system has been designed in a way that matching and order completion happen in record time.
WazirX has been acquired by Binance and will continue to operate as an independent brand of Binance with a focus on P2P. The WazirX platform operates on an instant and auto-matching engine and offers low fees. It is also available 24×7 and assures users they have no custody of their funds.
Also, the WazirX app has a simple and neat user interface and experience ensuring that everyone – from novice cryptocurrency enthusiasts to pro traders – can trade on our platform seamlessly.
Its product and communications align with our mission of involving everyone in the blockchain revolution and currently have over 170,000 app installs and an average rating of 4.4, which focuses on the app’s seamless UX and P2P.
How many WazirX (WRX) coins are in circulation?
WazirX has a circulating supply of 381,856,864 WRX coins and the max. supply of 1,000,000,000 WRX coins.
How is the WazirX Network secured?
The WazirX team upholds string security as one of its values hence, they have multiple security processes that guarantee the safety of the platform, users’ data, and crypto tokens.
One of these measures includes storing a major chunk of funds in cold storage. Cold storage is an offline wallet that is used to keep bitcoins and other cryptocurrencies safe. With cold storage, the digital wallet is kept off-line on a platform that is not connected to the internet, guarding it against intruders, hackers, and other threats that an online system is vulnerable to.
They also employ a multi-signature wallet system to help users verify their identity multiple times before they gain access to their funds. Before each fund withdrawal request is approved, there needs to be two-factor authentication.
The team has also used strong KYC/AML guidelines and their websites are regularly audited by popular security auditors.
How do I buy WazirX (WRX)?
The WRX token can be used for a wide range of uses, like staking and pay fees.
WRX tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
Which Cryptocurrency Wallet Supports WazirX (WRX)?
The PTPWallet platform supports many cryptocurrencies simultaneously, like the WazirX (WRX). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their WRX wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.