WazirX is a centralized cryptocurrency exchange founded in 2017 in India. According to information from its LinkedIn page, the business is headquartered in Vashi, Maharashtra with address: 23rd Floor, Opp CIDCO Exhibition Centre, Vashi, Maharashtra 400703, IN. Unfortunately, at the time of this writing, the exchange’s website doesn’t feature details regarding the operating company. The “Terms and Conditions” page is also very limited in terms of corporate information. The only reference to the founding company can be spotted in the footer of the website, where it states that all rights are reserved for Zanmai Labs Private Limited. Upon search in the local corporate registries, results point out that Zanmai Labs Private Limited (CIN: U72900MH2017PTC303170) was founded on 21 December 2017 by Nischal Shetty and Sameer Hanuman Mhatre, which are, in fact, the co-founders of WazirX.
The exchange’s website features a brief introduction to the background of the platform’s founders. Nischal Shetty, also the founder of Crowdfire (a social media management platform), is described as “blockchain influencer on Twitter with over 50k followers” and was also featured in Forbes 30 under 30. The other co-founder, Sameer Mhatre, is described as an “ace developer” and has a solid background in coding for various companies, including Crowdfire, which he also co-founded. Siddharth Menon completes the list of co-founders of WazirX and Crowdfire. However, aside from those two companies, he had also founded JustMigrate (one-click migration platform), 3CRUMBS (successful Indian startup for helping customers find cheap offers), and Borget Solutions (SAAS that eases non-scheduled airliners’ day-to-day operations).
According to the exchange’s team, the trading platform is “India’s most trusted cryptocurrency exchange.” They also state that WazirX has been built by a group of hardcore traders and blockchain believers with the mission “to involve every Indian into the Blockchain revolution.” However, the website and the LinkedIn page of the platform don’t offer much information about the other team members. According to LinkedIn, though, the team behind WazirX is comprised of 11 to 50 employees (at the time of this writing, 12 of them have profiles on the professional network). Considering the size of the Indian market and the fact that since 2019, WazirX is open to clients from all around the world, the number of employees doesn’t seem to resonate with the scale of the business and its ambitious goals.
Regarding the exchange’s features, the team communicates several key selling points to its target market. They state that WazirX is renowned for its “best in class security” and claim that by investing in periodical security audits, they have managed to turn the platform into “India’s most secure exchange.” The other key characteristic is the platform’s “super-fast KYC.” The team promises that the employed “top of the line identity verification systems” process users’ data within a few hours of signing up. WazirX also tries to attract customers by stating that the platform can process “millions of transactions” and allows for “scaling up in a few seconds” to match surging demand.
WazirX also offers its own token, called WRX Token. The utility token is designed with a finite amount of 1 billion WRX. The token is offered for free to the early-bird users of WazirX and also as a part of the exchange’s referral program. According to the information on the platform’s website, the most profitable way to take advantage of the WRX token is by trading and mining, which allows earning “up to 1,25,000 WRX every single day.” The WRX token provides benefits such as buybacks, equivalent to 10% of the exchange’s quarterly profit and trading fee discounts. According to the team’s plans, WazirX will also launch a decentralized exchange “in future” which will allow for the WRX token to be used as gas. However, at the time of this writing, there are no signs of the decentralized exchange becoming a reality soon.
The platform also offers a P2P trading feature which allows users to exchange USDT for fiat directly with each other. According to the team behind the project, the feature is available 24/7 and is completely “safe and absolutely legal.”
Although WazirX claims to be India’s most secure exchange, research reveals that the only measure the platform employs is two-factor authentication. This seems rather insufficient, considering the periodical hacker attacks in the world of cryptocurrency exchanges.
Regarding customer support, the platform advises its users to search for answers within the Help Center, which, in their own words, is “the fastest way to get support.” For those who can’t find answers to their questions, WazirX suggests submitting a ticket. They promise to get back as soon as possible and clarify that their support team is available from 4:30 AM - 1:30 PM UTC, Monday - Sunday.
When it comes to the reputation of WazirX among the online community, it is worth noting that, at the time of this writing, there are very few user reviews or opinions regarding the quality of the exchange’s services. However, the majority of the clients report slow customer support which is understandable considering that WazirX is open to clients from all around the world. That is one of the reasons why the exchange’s team urges clients to search for answers in the FAQ section first, before getting in touch with the customer support team.
At the time of this writing, there are no reported cases of hacker attacks, security breaches or governmental investigations, related to WazirX.Read More