WazirX (WRX)

WazirX, India’s favorite crypto exchange & NFT marketplace

WazirX is the best and most trusted exchange in India and a lot of people from India are getting into the crypto & NFT space 

Did you know, WazirX (WRX) is available in Klever Wallet?

New Features inside Klever Wallet include:

  • WRX (POLYGON / BEP20 / BEP2) Send/Receive/Store
  • all standard Klever Wallet functionality

Nischal Shetty has been a blockchain advocate and influencer with a huge social media following for many years. He is known for founding Crowdfire, a social media management tool, Nischal’s dream was to involve as many Indians as possible in the blockchain revolution to help the country benefit from the trust and productivity gains that blockchain can drive. 

After Experimenting With Indian crypto exchanges and being repeatedly disappointed by the user experience as well as the opaqueness that was a direct contrast to the trust that blockchain stood for, Nischal decided to build WazirX in 2018 alongside co-founders Sameer Mhatre and Siddharth Menon, the company has capitalized on the rising tide of retail traders investing in cryptocurrencies. WazirX is India’s largest crypto exchange and has grown to be the most trusted exchange in the Indian crypto market. It is a part of the Binance group, which is the world’s largest crypto exchange, serving users in 180 countries.

Cryptocurrency exchange WazirX announced in November last year that it has recorded a trading volume of over $38 billion in 2021 year-to-date, marking an average of 44 percent month-on-month growth. The platform clocked in 10x sign-ups last year, reaching a 10 million user base. WazirX stands tall as India’s largest and most trusted cryptocurrency exchange and is trusted by global investors as well. The platform also boasts the highest liquidity in the INR Market in India.

Along with other key features, their exchange utility token called WazirX Token (WRX) is also the first token to be backed by Indian crypto exchanges and is listed on more than seven global crypto exchanges; its total supply being 1 billion. These tokens enable users to get trading fee discounts within the WazirX system and can also be used to convert dust balances on WazirX to WRX, in order to trade crypto in the WRX market at zero fees. 

The exchange has several other USPs: 

  • Instant INR (fiat) deposit and withdrawal options.
  • SmartTokenFund to help crypto investors find expert traders, and let them manage their cryptocurrency portfolio.
  • The world’s first auto-matching P2P engine with high liquidity 350+ market pairs.
  • India’s first NFT marketplace.

WazirX and Nischal Shetty, pioneers of the #IndiaWantsCrypto movement. 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 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 roof: #IndiaWantsCrypto.

This campaign ran parallel to the court battle fought by IAMAI. 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 the crypto trade in India started again. Users could trade safely while being within the bounds of the law.

#IndiaWantsCrypto ran for more than a year and though the winds kept changing, Nischal continued with the campaign. The Supreme Court on March 04, 2020, lifted the ban imposed by RBI on cryptocurrency in 2018. The Apex Court’s verdict is being considered a historic verdict, especially for India’s virtual currency industry and start-ups.

Since many investors have doubts about crypto even as they want to invest given the growth potential, WazirX is engaging in a multi-pronged investor awareness program to promote blockchain and educate Indians on cryptocurrency as an alternate investment option. 

Along with a ‘Crypto Awareness Programme” On a leading TV channel every weekend, WazirX has also invested heavily in campus outreach programs across top-tier institutes in India. The WazirX Warriors Programme educates the masses through expert representatives, whereas young professionals and students are trained through collaborations with ed-tech start-ups under the Education Partner Programme. 

Foreseeing strong growth, WazirX has planned big moves in 2022 and will focus on raising awareness among even more Indians and taking the crypto revolution to them. The exchange also plans to add more features to make users’ trading experience seamless. In the same vein, WazirX also recently launched one of India’s First Marketplace for Non-Fungible Tokens, a god-sent for Indian artists. It will undoubtedly pave the way for seamless exchange of digital assets and intellectual properties and gives Indian creators a great boost in terms of auctioning their digital assets while earning royalty thereafter. 

Binance and WazirX have launched a $50 Million Blockchain fund for India in 2018  to invest in projects and startups focusing on solving problems through blockchain. The fund is backed by BNB, BUSD, and WRX, and investments will include fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, DApps, etc.

The fund will make investments in both equity and tokens, ranging from $100,000 to $5 Million USD. They also plan to partner with blockchain-focused venture funds in India. If any student organizations and universities want to set up blockchain technology incubators, the Blockchain for India fund will also provide them with mentorship and support.

With this fund, they want to encourage and enable more and more founders and teams to come in and BUILD. This initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer. This fund will give projects and startups direct access to the Binance global ecosystem.

Cryptocurrency trading platform WazirX released the data last year saying its trading volume surged a whopping 1,735% year-on-year. This stupendous growth comes on the back of prices of cryptocurrencies seeing a massive rally in the last year. Highlighting the demographic break-up of its user base, WazirX said 66% of its total users are below 35 years of age. Amid the non-fungible tokens (NFTs) rage, WazirX NFT Marketplace also witnessed huge participation as over 962 creators minted 12,600 NFTs and sold over 5267 of them worth over 0.32$ million in 2021.

For an entity that was established just years ago, capturing the largest market share in India Is no mean feat. The youth is flocking towards cryptocurrency as a viable investment option, and WazirX has opened the gateway to enabling Bitcoin and cryptocurrencies to become accessible and mainstream. Since its inception, WazirX has strived to be at the forefront of innovation and has worked towards empowering its customers with value-added offerings.

NFT’s craze in India is slowly gearing up :

Sapio Analytics, an artificial intelligence-based government support organization has joined hands with WazirX NFT marketplace to launch digital collectibles of rare artwork from ancient India. The company claims that this would be the first when ancient Indian artwork would be converted into a non-fungible token (NFT).

Fashion design council of India(FDCI) Lakme Fashion Week has partnered with WazirX NFT Marketplace for fashion NFT’S. In October 2021, designer Manish Malhotra sold NFTs of digital sketches of some of his most famous creations for $4,000 apiece. The other pieces were sold in the range of $2,054 to $2535 within two minutes after the sale started.

Bollywood and sports celebrities launched NFTs in the last quarter of 2021, Amitabh Bachchan became the first Bollywood actor to launch his own NTFS With BeyondLife.club where Bachchan’s Madhushala poem recital sold for $7,56,000 and physical posters of Sholay and other movies that were personally autographed by him were sold for $94,052. Actor SalmanKhan backed BollyCoin, a Bollywood-based non-fungible token, which launched digital collectibles of the Dabang franchise on December 30. The collections will include movie clips, posters, and stills.

In July 2021, a Singapore-based NFT marketplace, Diginoor.io inked a pact with movie production company AVM Studios to launch movie collectibles in NFT from the Rajinikanth-starrer ‘Sivaji: The Boss. Seventeen NFTs of the film were sold out. 

In August 2021, NFT platform Rario launched a cricket-based digital collectibles platform with former Indian cricketer Zaheer Khan. Cricketer Rishabh Pant has also signed up with Rario. Pant’s association will allow Rario to mint exclusive digital collectibles of Pant Iconic Moments On and off the field. Cricketer Dinesh Karthik auctioned a digital art reel from a match where he hit a match-winning six on the last ball for around 5 ETH.

Pop icon Ritviz and visual artist Santanu Hazarika sold their collaboration for $391.80 on WazirX’sNFT marketplace within 10 seconds of going live. In November 2021, actor Sunny Leone’s NFT collection was “sold and minted” on the NFT platform Mintdropz.

In November 2021, superstar Kamal Haasan joined the NFT space with his own collections. The actor, through Lotus Media Entertainment, has joined hands with a digital collectibles platform called Fantico to launch his NFT series.

The potential of NFTs goes far beyond digital artworks. NFTs are also used for digital land purchases in virtual worlds and for next-generation music ownership, licensing, and publishing. Observers see a future in which NFTs offer access to special sales or limited-edition products.

The possibilities of NFTs are endless since they can be used to log ownership of any unique asset, NFTs being used as event tickets, software licenses, fan club memberships, or otherwise tied to interactive experiences.

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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