Today with this article we will proceed with our article arrangement in which we talk about the case study and business model of various new companies and huge organizations. So today I am with you with another new business and we will discuss Wazirx Case Study – Business Model, Founders, Competition, Funding, Revenue, Investors.
As we all see people generally think that bitcoin (BTC) is the entire cryptocurrency space. But that’s not true. There is a variety of crypto assets now make up the digital currency space. The exact number till now is around – 5000+
In this rapid increase in the number of different cryptocurrencies, investment interest in these virtual assets like cryptocurrency has also spiked very much. Lockdown worked like a catalyst in this process.
You too must be excited to ride the cryptocurrency wave and become a part of this new generation culture.
If you see a cryptocurrency market is an amazing place for long-term/short-term wealth creation. It provides you with the opportunity to turn decent profits on your investment.
If you take into consideration the below points and follow a calm and calculated approach to get bigger returns. You can consider Wazirx as the best crypto trading app in India.
To get a feel of investing in the digital asset market, you have to buy some cryptocurrency first. You can start with a minimal amount. An amount of money that you won’t regret losing, in case you can’t recover it.
Wazirx Case Study –
WazirX was founded in 2018 and became India’s biggest and most trustworthy cryptocurrency exchange.
WazirX’s founder Nischal Shetty announced on Twitter on 7th May 2021 that WazirX added 2 million customers in 3 years and half of the customers joined WazirX in April 2021 alone.
As we all know Wazirx is a cryptocurrency exchange where it accepts the trading of bitcoin as well as an altcoin.
A cryptocurrency exchange is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
Cryptocurrency exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies.
A cryptocurrency exchange can be a market maker because that typically takes the bid-ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.
Nischal Shetty coding and programming journey began over two decades back when he first developed a game.
The crypto startup helps individuals build digital assets by buying, selling, or investing in other crypto assets. As we all know that bitcoin, Litecoin, Ethereum, Ripple etc all are some popular coins.
At present time Wazirx is a part of the Binance group, which is the world’s largest crypto exchange and serves users in 180 countries.
The bull run of bitcoin helped in the birth of WazirX as a bitcoin exchange in 2018. Nischal (Wazirx Founder) says they weren’t the first bitcoin exchange. This is why he started a pre-sign up page before building to understand if there was a need for a new bitcoin exchange.
When they started even in starting they got 20,000 sign-ups and started building in March 2018.
Binance is the largest cryptocurrency exchange with an average daily trading volume of 2 billion with 1,400,000+ transitions happening per second.
WazirX is an Indian bitcoin exchange based out of Mumbai. Binance acquired WazirX in 2019 creating a global market for WazirX investors.
Wazirx Founders –
WazirX was founded by Nischal Shetty along with his former colleagues Siddharth Menon and Sameer Mhatre, Shetty in 2018. He was born and raised in Mumbai.
Nischal father ran a restaurant business in the city, and his mother was a homemaker. He grew up seeing his father run the business, but he never wanted to join the family business as he was already was fond of computers.
In the late 90s, those time computer classes were rising. Nischal was in Class 5 when he was introduced to computers in school and like every other kid, he was fascinated.
One of his cousins also became a computer engineer, he was also influenced by his cousin that helped him a lot as an inspiration.
He shares one of his life incidents that when he was in Class 12, a close family member fell seriously ill. This led him to think about medicine as a career. But he ultimately chooses his childhood love of computer science.
Nischal graduated from MMAMIT engineering college in Mangalore, Karnataka. In his college days in the first year was all about friends and fun, but things changed in the second year (2004) during a coding project.
After that, he worked on many projects but things changed his life was in 2017. Nischal didn’t take blockchain very seriously till 2017 but the bull run of Bitcoin at that time grab his attention.
At that time many wants to trade and invest in bitcoin but one had to wait for several days to credit the money and then buy.
This led to the birth of WazirX as a bitcoin exchange in 2018. Now they are India’s largest crypto trading exchange.
If you want to build Crypto Exchange then it is like building a corporate, you need many resources for development and Maintenance.
If you really want to build your own crypto exchange then yes it is possible you can build it by Wazirx Clone Script. It reduces your efforts in the development process but for maintenance and management, you need to build a strong team as the backend for future enhancement.
Wazirx Business Model –
Wazirx is the pure P2P Cryptocurrency Exchange, where trading happens end to end with an automated super fast trade matching engine. Wazirx Exchange acts as the platform where one can buy or sell Cryptocurrencies easily with bank payment.
In P2P (person to person) Crypto Exchanges, the Escrow wallet plays a vital role. Here Wazirx acts as the Escrow account between the transaction.
If you want to know how Wazirx works then we have to categorize it as two-sector, Buyer and seller
Buyer – who wants to convert money to crypto
If anybody wants to buy Bitcoin in the Exchange, then he placed a buy order. The trade matching engine matches the trade with the desired sell order.
The buyer will send the amount to the seller’s bank account and the seller sends Bitcoin to the Wazirx Escrow wallet. After that seller will confirm the Payment to the Exchange.
Wazirx Escrow Wallet releases the bitcoin to buyer Wallet
So this is how they work and they charge you a small amount of fee at every transaction which helps them as a revenue income.
This small fee contributes to them in a larger way the thing that helps them most is the larger users on their platform.
This is good news for WazirX as their revenue model is based on a trading fee. The exchange charges investors between 0.1% to 0.2% as a fee on each trade.
But for crypto exchanges to be successful and profitable in India, the penetration and size of orders would have to improve.
In 2019 WazirX was acquired by Binance (Global Cryptocurrencies exchange). It is now the worlds top crypto trading exchange. It mainly works on the various cryptocurrency coins.
The transactions were estimated at 5-10 million dollars as per Economic Times. Binance will start letting users buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway.
They in starting run on their own funds and after almost 1.5 years of operations, they were acquired by the trading exchange Binance.
All these now don’t let them feel the shortage of cash in their balance sheet.
There are nowadays many competitors in every field. If we talk about the competition of Wazirx in India then these are the main competitors in crypto trading platforms.
These services you can get in competition also but it is not sure that you get all the facilities at one place. Their service and management are also far better.
They are working rigorously to make Wazirx a better trading platform than before. All these key factors help them to stand out from the competition.
Can I withdraw in INR after selling Bitcoins?
Yes, you can Steps to withdraw rupee amount in your bank account are as under –
– Click on “Funds” on the top bar
– Tap on “Indian Rupee” and select “Withdraw”
– Check your linked bank details
– Enter the amount that you wish to withdraw and click “Withdraw”
WazirX customer care number?
Wazirx brokerage calculator?
WazirX charges 0.2% trading fees on most of the crypto pairs.
This is different from your stockbroker who collects fees for exchange charges, STT, clearing charges, SEBI charges, stamp duty resulting in the need for a brokerage calculator.
At last, we understand many things about Wazirx Case Study – Business Model, Founders, Competition, Funding, Services so if you have any query let me know in the comment section.
WazirX crypto exchange is a safe, fast and convenient crypto platform available on smartphones, Windows and Mac. The platform lets you access 100 plus global cryptocurrencies through P2P, STF and Exchange mechanisms.
Wazirx is continuously working for better services for crypto traders and investors. These hard works on user experience will surely help them ahead in dominating the crypto market.
Wazirx plays an important role in the life of new crypto investors in India.