Cryptocurrency adoption has exploded all over the world over the past five years or so, ever since the great bull run of 2017, which brought the cryptocurrency industry under the spotlight and finally increased awareness high enough for non-tech experts to start paying attention.
Coincidentally, around the same time, India started seeing a massive number of people in its country finally receiving internet access thanks to the onboarding process of its local internet providers, which started offering cheap deals in order to get more of the locals on the web. With the country being known for its financial struggles and general poverty of its 1.3 billion-large population, many immediately developed an interest in digital currencies and the potential to earn and benefit from them.
Crypto adoption in India skyrocketed, and while the financial authorities first tried to ban cryptocurrencies, eventually, the ban got overruled, and digital currencies became allowed to own, buy, sell, and trade. With a situation like that, the country represented an untapped market of fresh internet and crypto users, which led to the creation of a new dominant exchange, WazirX.
How Does WazirX (WRX) Work?
WazirX is the largest and fastest-growing crypto exchange in India, with over half a million users. It is a part of the Binance ecosystem, and the two have created a $50 million-large Blockchain For India Fund. The exchange doesn’t service Indian users only, however, but is instead available for the global audience.
It comes with a number of key features mentioned above, such as 80+ available tokens, instant INR deposits and withdrawals, the world’s first auto-matching P2P engine with high liquidity, a smart token fund aimed at helping crypto investors find expert traders and have them manage their crypto portfolios, and more.
What Problems Does WazirX (WRX) Solve?
WazirX did not only emerge as an exchange that people can start using. It became the best local exchange that brought not only crypto services, but also certain solutions, such as:
A smart Token Fund
With countless new crypto users emerging throughout the country, WazirX came up with a Smart Token Fund to help crypto investors find expert traders, and let them manage their crypto portfolios. This would, of course, significantly improve their odds of seeing profits in the complex crypto market.
Pushing crypto and blockchain adoption in India
Being among the first exchanges and launching just at the right time, WazirX ensured its place in the Indian crypto sector. Furthermore, by offering its services and continuing to spread the word and point out the abilities of digital currencies, the exchange is also pushing crypto and blockchain adoption in India.
Simplifying crypto use
Of course, in order to get users to actually switch to crypto, WazirX had to make cryptocurrencies very simple to access, buy, sell, and use, in general. Its platform is very user-friendly, and secure, with very quick and simple KYC, and a simple but efficient design. It was built by blockchain believers and enthusiasts, so it is not surprising that it appeals to others who are starting to develop those same feelings for the world of digital currency.
Availability across all platforms
India was never shying away from technology, and its people have become quite adaptable. This is why WazirX offers a seamless and powerful trading experience across all major platforms, including Windows, Mac, Android, and iOS. There are dedicated apps for all of these platforms, plus a web version that allows those who prefer other devices to be able to access it also, through their browsers.
Extremely fast transactions
Finally, the platform offers lightning speed transactions, which allows it to handle millions of them, and scale as much as it is necessary to meet the ever-surging demand. India, in particular, is in need of a solution such as this with its 1.3 billion people, and the exchange wanted to be capable of handling the transactions of all of them, if need be.
Benefits of WazirX (WRX)
Now, let’s take a look at some of the benefits that you gain access to if you use WazirX’s platform and token. There are several to mention, including:
INR deposits and withdrawals
If you choose to use WazirX, the exchange grants you the ability to use your INR directly, without having to transfer it to dollars, euros, and other major currencies that are most commonly paired against cryptos.
Auto-matching P2P engine
WazirX has developed the world’s first auto-matching P2P engine with high liquidity to ensure faster transaction matching and the following processing. Typically, in a P2P environment, users are granted access to the open market where they need to find a user offering an adequate amount of the cryptocurrency that they wish to buy. WazirX does the matching on its own, which significantly speeds things up.
Over 80 tokens are available
WazirX also offers quite a rich token selection, with over 80 cryptocurrencies supported. This, of course, means that it has hundreds of trading pairs where these 80 tokens are paired against one another and fiat currencies.
The ability to log in via Binance
WazirX was recognized as an exchange with great potential a long time ago by Binance, the world’s largest crypto exchange by trading volume. This is why Binance decided to make it a part of its own ecosystem, and so users can now log into the exchange with their existing Binance account.
Bottom Line
With India getting more and more internet coverage, more people are also opting to join the cryptocurrency industry in order to earn money through trading and DeFi, not to mention the emerging benefits such as NFTs, the metaverse, blockchain gaming, and more. WazirX will be there to support them as they explore the crypto sector, it will help them develop their trading skills, and harness all the power of the crypto industry as they grow side-by-side.
