One of India’s leading crypto exchange WazirX launched their automated P2P platform in the Indonesian market two weeks ago. This is in line with their plans of international expansion with multiple countries on the horizon. “We are launching in Russia and Ukraine next”, said Nischal Shetty, WazirX’s founder/CEO, who is one of the most prominent crypto evangelists in India.
WazirX operates on an automated P2P model, an innovation on the P2P model followed by traditional exchange sites like LocalBitcoins. Under this model, the order book is automated in a way that when the order is matched, payment details are exchanged automatically eliminating the need for offline contact and confirmation. “WazirX was the first to bring this innovation and that gives us a competitive edge over other P2P marketplaces that work more like a classifieds site rather than an exchange order book”, Nischal was quick to point out.
WazirX plans to expand to many geographies this year. In spite of the bear market, WazirX has been reported to be doing well in the Indian as well as international markets. With a trading volume of $28 million in May 2019 and signup numbers in tens of thousands, the volume is reported to be 3 times that of the April volume and signups are twice their April signups.
This expansion is a great sign of things to come. Last weekend, a report on government bill for jailing crypto holders created panic. But the industry seems unstoppable, and WazirX’s expansion plan is a signal for that.
Earlier this year, WazirX had already opened doors for anyone from several countries to sign up and trade on their Crypto to Crypto platform.
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