Crowdfire Founder Plan to Build the First Indian Cryptocurrency Exchange.
Cointime (February 05) — Crowdfire founder announced they are creating an Indian Cryptocurrency Exchange this coming March after Arun Jaitley, India's Finance Minister, discussed cryptocurrencies and blockchain. Crowdfire is an Indian Software company.
The platform is called Wazirx. It is created by Nischal Shetty, Anirudh Khusape, Sameer Mhatre, and Siddharth Menon. It would be available to the current Crowdfire 19 million Android users. Shetty said he got into the cryptocurrency industry in 2009. He started with experimenting with bitcoin mining. He said he focused on blockchain technology this year and they will be creating the first Indian cryptocurrency exchange.
Shetty further said, he is not satisfied with the currency domestic trading standard and wants to create something more transparent.
“[The] more I used the existing crypto exchanges in India, the more frustrating it was. […] If the frustrating experience of a substandard product wasn’t enough, I was surprised to see how opaque most of the exchanges were in terms of communicating with their users.”
“When dealing with other people’s money, transparency is the best way forward. People trust us with their money, and we need to provide them with clear information on what’s happening behind the scenes, 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.”
Wazirx will establish WRX, an exchange token. It will be similar to tokens provided by other trading platforms such as Binance and Cobinhood. Each Indian resident who register and verifies their identity will receive a certain amount of free WRX. Shetty further added they planned to re-purchase the WRX when it is equivalent to “10% of our quarterly profit as and when profitability is achieved.” The trading platform will be launch in March. They will start with ETH, BTC, XRP, and LTC follow by more currencies.
Wazirx stated the company has top of the line identity verification systems that process KYC within a few hours of signing up. The company will also conduct security audit regularly. The company will also be launching Android and iOS mobile application. Although the nation’s central bank and politicians are skeptical of cryptocurrencies, Shetty and his team will speak out about the technology. He believes India will be a leader in the cryptocurrency industry.
“Once in a lifetime does a generation get to be part of something that brings about a paradigm shift in the world — While India has been a follower of trends, I believe we can be the frontrunners in the crypto adoption.”
Executive editor： Angel