WazirX, India’s largest cryptocurrency exchange, has announced that INR deposits are back on WazirX after a long wait of 19 months, as crypto has won in India on March 4, 2020.
Nischal Shetty, the Founder, and CEO of WazirX said:
“It was on April 6, 2018 — within a month of WazirX launch — that RBI released it’s circular putting a banking ban on crypto in India. I vividly remember the amount of FUD it created in the already existing bear markets. Soon, one by one, banks stopped supporting exchanges one by one, and some exchanges started shutting down. I want to highlight the fact that the RBI’s move was arbitrary, and they had no research data to back their decision to ban crypto. On 6th July, our banking partner abruptly stopped supporting our bank account. But the adversities didn’t make us waver from our mission of involving everyone into the blockchain revolution.”
As a nation, very rarely, users get an opportunity to participate in revolutionary technology.
However, Shetty explained:
“To provide you with a fiat on-ramp solution, we innovated, pulled all-nighters and launched the world’s first auto-matching P2P engine. WazirX P2P has helped millions of Indians to cash in/cash out of crypto seamlessly. Due the RBI ban, there was a lot of misinformation, and myth around crypto in India. Soon, realising that keeping our head down and BUIDLing isn’t enough, I started the #IndiaWantsCrypto campaign. It’s been almost 500 days, and so many of you joined the movement, and our voice keeps getting louder every day. We even managed to get a dialogue with our MP’s.”
“While we were doing our bit online, IAMAI was fighting this battle on the front foot in the Supreme Court with Nishith Desai & Associates representing us. This victory would not have been possible without them, and our lawyer, Mr. Ashim Sood who was giving superb arguments in the court.”
What is worse is that this has been done:
- despite RBI not finding anything wrong about the way in which these exchanges function, and
- despite the fact that VCs are not banned (by the court’s observation).
It has been analyzed that as soon as the verdict was out, here’s what the exchange did in the exact order:
- Screamed with joy
- Ordered some donuts for the team
- Got started to work on bringing INR deposits & withdrawals for users (as said by Shetty himself).
Users can start depositing INR on WazirX by the following steps:
- Log on to WazirX app or web
- Go to “Funds”
- Click on “Deposit INR”
The team says that they are working hard to enable INR withdrawals soon. For now, deposits will be processed within an hour. They will also enable instant deposit and withdrawal options, as they want to ensure that they release features in such a way that users have a smooth and awesome experience.
Likewise, if a user is a market maker or if they know anyone who wants to be a market maker on the WazirX INR market, they can apply here. The team has exciting rewards and incentives in store for the users.
Thus, WazirX is focused on giving Indians a world-class crypto trading experience.