The cryptocurrency exchange system in India continues to build up despite all the fear uncertainty and doubt that’s present in the markets today. Zebpay has recently added Litecoin, Unocoin is in the process of adding more cryptocurrencies to its platform. The crypto industry in India seems to be getting another exchange, this time, from an established individual in the tech space, a founder of JustUnfollow and Crowdfire. Crowdfire is a popular platform used by creators such as Youtubers and others to gain a larger following across respective mediums like Youtube, Medium, Etsy, Shopify and more. Well after focusing on the trend of social media, growth, and exposure in the online world, it looks like the founder of this platform is seeking to make it big in the next up and coming realm of cryptocurrency.
The co-founder, Nischal Shetty, is gearing up to launch a brand new cryptocurrency exchange, called WazirX. It is expected that the platform will launch in the upcoming month of March. This launch date might be a prudent move by the founder of Unfollow, as the markets are in a daze right now and should be relatively calm and back to greener pastures by March. Another reason the launch in the next month might be wise is because there is a lot of fear and uncertainty in the Indian markets because of the false information that was spread a few weeks back stating that the government of India is planning on banning bitcoin. The clarification was that the government is not banning bitcoin but does not see it as a legal form of tender.
He commented on Twitter:
“Bitcoin is not legal tender in India. Neither is USD or any other foreign currency. So don’t use cryptos for buying coffee in India just yet. But you can exchange one crypto for another crypto as there’s no law preventing you from that.”
Shetty is charging on despite the FUD and states that digital assets don’t have to be considered as legal tender to be traded. Shetty wants to position WazirX as the most trusted bitcoin exchange in India.
To bring more people onto the to be launched platform, Shetty is allowing for people to sign up early with people who sign up getting a few pretty WRX coins for free. The platform plans to have coins like Ripple, Litecoin, Ethereum, Bitcoin, and more.
According to their blog on Medium, they’re signing up more members, and they’ve passed “10,000 signups as the WRX giveaway is still on!”
They are planning on working on a few key factors to build out their system fully. The focus will lie on building a better internal know your customer verification dashboard so that their manual know your customer approvals speed up. This will be a crucial addition for the future as they can onboard users much faster. The next step for them would be to integrate a bank transfer option, and they will be working on figuring out how to make this process smoother from a deposit and withdrawal standpoint. They are also in the process of placing the final touches on their iOS and their Android applications, and they should be ready for alpha testing next week.