Indian crypto exchange WazirX shows strong results despite RBI bank ban

WazirX, an Indian cryptocurrency exchange today marked its half-year milestone since launch. In the 6 months since starting up, WazirX details that trading volumes have increased every day. The team said, that “even in operating in harsh conditions, we’re thriving and growing. The number one reason for this is users resolve to keep the crypto fire burning in India.”

In April, the central bank of India issued a circular to banks to not allow people or businesses in India to deal with cryptos. Undeterred, the company responded saying, “we’re in this for the long term and we’re determined to build WazirX into the largest crypto exchange in India.”

Below are some key highlights of WazirX since launching:

• WazirX launched on March 8th, with 24 days of free trading, and crossed Rs. 1 Cr worth of trades in week 1
• Total trades in Week 2 increased by over 13% compared to week 1 and its average rating on the Play store increased from 3.469 to 3.841
• Total trades in Week 3 increased by 50% compared to week 2, and the average app rating increased from 3.84 to 4.32. The exchange also crossed 16,000 members on its Telegram channel.
• RBI Circular issued on April 6th
• In Week 4, WazirX had its highest trade volume of about Rs. 75 Lakhs. It also launched a Maker-Taker model. Saw an increase of 140% in the number of trades this week.
• In Week 5, WazirX crossed Rs. 1 Crore in 24-hour trading volume
• During Trading Week 6 & 7, the exchange has their highest daily volume, crossing Rs. 2 Crore, and number of trades increased by 80%. It also saw a 50% increase in the number of 5-star ratings for its app with the average rating being 4.5.
• Crypto to Crypto trading arrived on WazirX during Week 12 and 13.
• Revealed the first 2 use cases of native exchange token (WRX)
• WRX Mining Rewards Launch
• Briefly crossed 50 BTC in trading volume during Week 14 and 15
• WazirX P2P Launch
• World’s first automated P2P orderbook launch, match instantly and automatically with a buyer/seller
• WazirX Deposit Dhamaka Launch
• Planning to integrate new referral system