Bitcoin has had an unpredictable trading history since its creation in 2009 by Satoshi Nakamoto. It took a short time from that point forward to hit the Indian market. Cryptocurrency made its subtle entry into the Indian market in 2012 however it was not until 2013 that bitcoin began acquiring some fame. But the year 2021 is very much crucial for the cryptocurrency market as every crypto exchange platform saw massive growth in its business. Understanding the potential of the growing market, India is progressively adopting bitcoin, blockchain, and cryptocurrency in general.
WazirX is one of those Indian cryptocurrency exchange platforms that is bringing a revolution to India. Binance owned WazirX is India’s fastest-growing cryptocurrency exchange with over 28,00,000 users. It is the most trusted and secure cryptocurrency exchange platform. Recently, the platform had as of late crossed 3 million users ever exchanging volume of the platform timed $2.4 billion. The organization is additionally hoping to significantly increase its headcount before the current year’s over.
So in this let’s discuss the WazirX success story including their business model, revenue, funding, and everything you need to know.
WazirX Company Profile
|Legal Name||Zanmai Labs Private Limited|
|Parent Company||Binance Holdings Limited|
|Sector||Blockchain, Cryptocurrency, Investment|
|Headquarter||Vashi, Maharashtra, India|
|Headquater Region||Asia-Pacific (APAC)|
|Founded Date||1st December 2017|
|Founders||Nischal Shetty, Siddharth Menon, Sameer Mhatre|
|Monthly Visitors||2,483,188 (SemRush)|
WazirX is the fastest growing exchange platform with 3 Million users. WazirX is a trusted and secure cryptocurrency trade application to purchase and sell Bitcoin, Ripple, Ethereum, Tron, Zilliqa, and more than 200 cryptocurrencies. Users can purchase Bitcoin, Ethereum, Litecoin, and other cryptographic forms of money on the exchange by transferring INR by means of UPI, NEFT, or IMPS quickly.
The WazirX cryptocurrency exchange app for Android is basic and simple to utilize and accompanies a natural interface with continuous open request books, stop limit, TradingView charts, and exchange history so you can exchange and put resources into the world’s best performing computerized resources. It’s 100% secure. WazirX trade has been worked by a group of hardworking merchants and energetic blockchain adherents. They are determined to include everybody in the Blockchain unrest.
Nischal Shetty is the founder of WazirX. Along with him, Siddharth Menon and Sameer Mhatre are also the founding team members.
Nischal Shetty (Founder & CEO)
Nischal Shetty is a software engineer turned entrepreneur. Nischal Shetty was born in the year of 1986 in Mumbai, India. His dad maintained a café business in the City of dreams (Mumbai) and his mom was a homemaker. He prefers his dad’s business however he never needs to go along with them. All along, he was keen on PCs and need to accomplish something in the field of PCs. Nischal started his career as a coder cum software engineer. He doesn’t get as much freedom to code or program 10 years prior. Yet, he never surrenders and attempts to accomplish something in the coding field.
Nischal has assembled Crowdfire, an AI-driven marketing program that is being utilized by more than 12 million clients. Furthermore, he established WazirX in the year 2017 which is a Bitcoin exchange platform that permits users to purchase or sell the digital forms of coins accessible on the cryptocurrency market. Nishchal also established 4 unique companies.
Siddharth Menon (Co-founder & COO)
Siddharth Menon is the Co-founder and COO of the WazirX bitcoin exchange platform. He is a serial entrepreneur with 15 years of experience in the consumer Fintech sector. He also worked in Crowdfire, a social media management tool with Nischal Shetty.
Sameer Mhatre (Co-founder)
Sameer Mhatre is the Co-founder of WazirX. He completed his Bachelors from Bharati Vidyapeeth College of Engg. Sameer also worked with Infomedia18 Ltd, Crowdfire, Myzus Infotech Pvt Ltd.
WazirX Business Model
Bitcoin is the most perceived cryptocurrency and is favored inferable from its unwavering quality, credibility, and practicality highlights. It offers different advantages of being a decentralized, advanced, and difficult to-forge kind of currency which has prompted industry specialists to name it ‘Digital Currency’.
Wazirx is the unadulterated P2P Cryptocurrency Exchange, where exchanging happens to start to finish with a mechanized very quick trade matching system. This exchange goes about as the platform where one can purchase or sell Cryptocurrencies effectively with their national currency. Along with that, recently WazirX launched the NFT marketplace for Indian artists to trade their work.
WazirX Revenue Model
Binance-owned Indian cryptocurrency exchange WazirX daily trades volume around average $100 million and it has already crossed $500 million in daily trading volume since its launch in December 2020. This is the highest trading volume by any crypto exchange in the Indian market. WazirX generates revenue by charging traders small trading fees which vary from 0.15% to 0.2% (taker and maker fees).
WazirX got funding in Early Stage VC. Currently, the company is acquired/merged in Binance Holdings Limited. The detailed information regarding funding still remains undisclosed.
WazirX had handled crypto trades worth $500 million in December 2020, which implies it has accomplished almost a 10X growth rate in only 5 months. There are other critical development measurements as well. For example, its active user base shot up by half to 3 Million in April, and in the month of April, it saw transactions worth more than $380 million on its foundation on a solitary day.
The cryptographic money market has been flooding in the midst of the pandemic, the worldwide crypto market capitalization also has risen 10X from more than $200 Billion in March a year ago to more than $1.8 Trillion. However, there is a dread that these computerized resources are simply fixed on the notion and no genuine worth is related to cryptos.
“A lot of components have added to the growth of the company. Be it the Supreme Court lifting a prohibition on working with exchanges identified with digital currencies by banks, the pandemic, the worldwide scene turning out to be more crypto-accommodating, or our endeavors to improve the platform by giving more choices to the users by having 200+ tokens (Altcoins). As the industry is growing, it is natural that we will also grow,” said Nischal Shetty, WazirX founder.
There are many competitors of WazirX in the Indian market like Coinswich, Coinbase India, Octa FX, OKEx India, Zebpay, Unocoin, CoinDCX, and many more.
If we talk about the world, Binance is a leading cryptocurrency exchange platform. Even in 2019, Binance acquired the Indian bitcoin exchange WazirX.
The bitcoin craze is growing every day in the bull market season so as a result that all the exchanges seeing exponential growth. WazirX is one of those who performed excellently in the market and made a great name in India. The platform have also many complaints such as downtime, deposit issues, high withdrawal fees, etc.
By this article, we don’t encourage you to invest in cryptocurrency or use the exchange platform, it’s just a detailed analysis and a success story of WazirX to boost your entrepreneur soul. If you liked this article then don’t forget to share and comment.
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