In a revolutionary step towards globalization, WazirX, India’s leading crypto exchange service is expanding its services internationally. The crypto platform aims at adding over 40 cryptocurrencies available in all major countries.
The company announced the news on their official blog marking the completion of their first operational year. The company also plans on doing away with the struggle of converting fiat to crypto. WazirX plans on using the P2P service to solve this global problem of crypto conversion and banking bans.
The auto-matching P2P service would initially launch one country at a time based on user demand and signups. Users based internationally would have to provide identity proof and verify their phone numbers as per the KYC and AML protocols of the specific country.
WazirX’s Vision and Global Reach
India’s youngest crypto exchange platform, WazirX, launched on 7th March 2018. The company celebrated its one year mark with further plans of crypto expansion and the launch of the world’s first auto-matching P2P system. Within six months of their launch, the company crossed Rs. 1 billion (around $14 million) worth of P2P trades.
30% of WazirX P2P transactions get completed under 5 minutes, reporting an average completion time of 19.4 minutes with 0% fraud cases. This launch saw the company grow at a rate of 50% per month making it India’s fastest growing crypto exchange platform.
With the P2P exchange system, the CEO of WazirX, Nishchal Shetty, plans on combating banking restrictions which is a major obstruction in crypto exchange worldwide. WazirX’s P2P service was introduced after the Reserve Bank of India’s ban on banks providing services to crypto exchanges. Since people could not cash out their crypto assets. WazirX found a workaround and since then this service has found many takers.
P2P exchanges have relatively cheaper transaction rates in India. The globalization of such a platform would provide a faster, safer, and a cheaper alternative to combat this issue worldwide.