What is WazirX?

WazirX (WRX) is a cryptocurrency token that forms the backbone of the WazirX ecosystem. Since its launch in 2018, WazirX has grown in the cryptocurrency space, particularly in India. The platform strives to make cryptocurrency accessible to everyone, with a focus on bridging the gap between fiat and cryptocurrency. WRX is the utility token of WazirX, based on a well-known blockchain, with a total supply of 1 billion. The token holders may receive various benefits on the trading exchange, such as trading fee discounts and token airdrops.

How does WazirX work?

WazirX operates through a unique auto-matching peer-to-peer (P2P) engine, which aims to simplify the process of depositing and withdrawing fiat currency. When a buyer places an order, they are instantly auto-matched with a seller. Both parties confirm the transaction, and WazirX transfers the escrowed USDT to the buyer's wallet. This system seeks to solve the fiat-cryptocurrency conversion problem, making it easier for users to participate in the cryptocurrency market. Additionally, WazirX offers a Smart Token Fund (STF) to help crypto investors find traders to manage their cryptocurrency portfolio.

What are the potential use cases for WazirX?

WazirX aims to provide a solution to the global fiat-cryptocurrency conversion problem. Its P2P engine strives to make it easier for users in developing and underdeveloped nations to participate in the cryptocurrency market. The platform also offers a Smart Token Fund (STF), which allows cryptocurrency enthusiasts to find traders to manage their portfolios. Furthermore, WRX tokens can be used to pay for trading fees, margin fees, and listing fees on the WazirX platform. Token holders also have the power to vote on listings and future feature releases.

What is the history of WazirX?

WazirX was launched in 2018 with the mission to make cryptocurrency accessible to everyone. It quickly gained traction, particularly in India, due to its unique auto-matching P2P engine. In November 2019, WazirX was acquired by a global cryptocurrency exchange. Despite the acquisition, WazirX continues to operate as an independent brand, with a focus on expanding its P2P platform to more countries. The platform has been built by a team of traders and blockchain enthusiasts, who continue to innovate and drive the platform's growth.