Nischal Shetty, Crowdfire Co-Founder Plans to Launch Cryptocurrency Exchange in India


According to an official blog of Nischal Shetty, founder of a social management application called Crowdfire is launching a cryptocurrency exchange in India. The exchange is named as WazirX which will come into existence in March, said statement.


WazirX will be built as India’s most trusted bitcoin and cryptocurrency exchange

The hype of Bitcoin and other digital currencies has paved the ways for Indian regulators to look closely to the matter of cryptocurrency legalization. Even at this time, Mr.Shetty took a challenge on launching WazirX and aims to build it as India’s trusted exchange.

Shetty has been in the cryptocurrency space since 2009, getting involved with international bitcoin wallets in 2012-2013 and back in 2017, began launching the bitcoin exchange for India.

He feels frustrating to deal with resent bitcoin exchanges in India, therefore, wants to build a platform that is more transparent.

If the frustrating experience of sub standard product wasn’t enough, I was surprised to see how opaque most of the exchanges were in terms of communicating with their users.

Shetty sees a close concern with people’s money and said transparency is the best way forwards.

When dealing with other people’s money, transparency is the best way forward. People trust us with their money; we need to provide them with clear information on what’s happening behind the scene. Why something’s not working right, what features we’re building, what fees we charge them etc. It’s also our responsibility to inform users prior to making changes that affect them.

WRX tokens and the Giveaways

Raschil explains WazirX follows a name Wazir which is the queen piece in chess. However, it’s the most influential piece to play any move. WazirX trading platform is envisioned to serve best quality service to Indian crypto exchange. In addition to exchange platform, they are also launching WRX token. Perhaps, these tokens would tend to contribute to the upcoming journey of WazirX. Its website reveals that the trading platform is coming with app version on Web, Android, and iOS.

WazirX india

Also, Mr.Shetty on Twitter speaks about 150million WRX giveaways. WazirX’s registered members can get 500 WRX tokens. They can also invite other members to its network through the referral program. It ket a huge chunk of the WRX tokens (notably, a 15% of the total supply).

Last week when Arun Jaitley, India’s finance minister, warned citizens on bitcoin ban in India, He said, Bitcoin is not legal tender in India.

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

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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