WazirX, the self-proclaimed “most trusted bitcoin exchange in India” (according to their website), has recently announced its plans on expanding the business to international markets. WazirX CEO Nischal Shetty on expanding internationally:
“We’ll be making our crypto-to-crypto markets available globally within the next week… All the 40+ crypto currently available on WazirX will be available to all the major countries.”
The platform offers peer-to-peer services and it plans on launching these services one country at a time based on the demand per country. They will prioritize those that have the highest demand and then move on to the other countries accordingly. Shetty says that their purpose for expanding was that they saw banking trouble in other countries, despite the ban in India. If you didn’t know, there was a circular issued by the Reserve Bank of India (RBI) banning banks from providing services to cryptocurrency exchanges (although India is likely to lift the ban in 2019). WazirX, along with several other local exchanges work around it by using escrow to power their peer-to-peer exchange services. This allows customers to still be able to withdraw Indian Rupees (INR).
WazirX going international that it’s planning to put itself amongst the peer-to-peer marketplace giants like Paxful.
What is WazirX?
If you aren’t familiar with WazirX, it’s a cryptocurrency exchange that launched in March 2018. It was founded by people who founded Crowdfire, a social media management application: Nischal Shetty (CEO of WazirX), Anirudh Khusape, Sammer Mhatre, and Siddharth Memon. It’s named after the queen piece in chess which is by far the strongest piece in the game with its ability to move in any direction. The name also directly reflects the team’s mission to provide “one of the most powerful pieces of cryptocurrency trading software” to users from all over the world, starting with India.
The platform supports multiple cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies. Primarily based in India, its plans to expand internationally is a big step forward for the company that just recently celebrated their first anniversary on the 7th of March. The exchange also offers its own coin, WRX. It plans to have it very much integrated into the trading platform.
The platform is described by its CEO as an “auto-matching engine which automatically matches your P2P buy/sell order.” The CEO goes on to explain that the matching system is completely automated yet it still feels like a regular trading experience. Although it’s not a system that hasn’t been done before, the platform feels fundamentally sound and very promising, to say the least.
The trading platform offers several key features:
Security – There are regular security audits to ensure an immensely secure trading platform for users in India (until they expand to other countries).
KYC – The platform implements a KYC verification process for all user signups (this will be stricter for non-Indian users and it will be implemented by verifying mobile numbers along with proof of identity).
Quick transactions – The platform handles millions of transactions with a system that is supposed to match the surging demand.
Mobile applications – WazirX supports mobile applications on both iOS and Android
The emergence of peer-to-peer platforms
WazirX is just one of the few peer-to-peer platforms with true advocacy aimed towards the pore of peer-to-peer finance. Other peer-to-peer platforms such as Paxful have been this power for years now and they show no signs of stopping. An example of this would be Paxful’s collaboration with ZamZam Water. Their #BuiltWithBitcoin initiative shows the world that there are real people to help and that it’s possible with bitcoin and peer-to-peer finance. Not only have they already built 2 schools in Africa, but they’ve also provided scholarships for female Afghan refugees.
There is a movement brewing and in some parts of the world, the real-life uses of peer-to-peer finance, with cryptocurrencies like bitcoin serving as a perfect compliment, are becoming very apparent. Africans, a population that is severely underbanked, is showing ways to send and receive remittances without the capital control that money sending services force upon them. Venezuelans, a country that is facing severe economic struggles with extreme inflation rates, are finding ways to preserve the value of their wealth by converting their fiat into bitcoin and other cryptocurrencies. People all over the world are not only experiencing easier payments with peer-to-peer finance, but they are also finding creative ways to earn an income through the use of cryptocurrencies.
The growing number of users on peer-to-peer platforms as well as the innovative ways of using peer-to-peer finance to one’s advantage is showing us that there is a revolution brewing: a peer-to-peer finance revolution. If there’s anything peer-to-peer finance can do for people, it’s giving them the ability to be in control of their own money.
What do you think about WazirX’s announcement? What’s your take on peer-to-peer finance? We’d love to hear your thoughts! Let us know in the comments section down below!