Thanks a lot for actively participating in the WazirX AMA held on 22nd November 2019 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with WazirX

We have with us 

Siddharth Menon (Co-founder)

Q1. What does it mean for the Indian users, what are the things that will change from an exchange user perspective. If you can just provide an overview

A lot actually. In the short term more liquidity for P2P and C2C market since we will be combining Indian users from Binance and WazirX for P2P and for C2C we will have global users using it with market markers.

In the long run you will see more advance integration coming along and we will expand market in India.

More adoption of crypto means more liquidity for Indian users.

Gary - Wow, That is really good.. after all Liquidity is the most important aspect for any exchange and it's users

Yes, even now WazirX is the most liquid P2P market but going forward it will be even better.

Q2. One of the question I have is for user privacy i.e data sharing between the exchanges. Would KYC on Binance be applicable on Wazirx and vice-versa

We are waiting on the legal team to sort these things out. User information even on WazirX is only accessible by machine unless something needs to be verified. So as such we want to emphasis on privacy for users in every step we take.

Yes, I would have loved to not take KYC at all. But we are still bounded by basic regulations and we don’t want to do anything that is against law only this way we can scale our business and keep things safe for our users.

Q3. What happens to the WRX token, does it still have the same use case as before. Would it be listed on Binance :)

WRX will see a unique use case in P2P. It will have similar trait that is common on most exchange token but we will bring more integration with P2P functions. Like your buying power / limits can change or anything else.

More on this will be part of the announcement we will be doing hopefully by Dec.

We have 65k users who hold WRX, that is great adoption. Combining with use cases you will be able to spend WRX for various things.

Q4. My next question is related to the regulation aspect in India.. from your point of view, what do you think will happen most likely.. complete BAN or Regulation

Like most crypto believer I am also positive about regulations. It is not going to be easy but not impossible. We are working closely with whoever we can to direct this in right direction. At this point it is important to create correct awareness about crypto, some thing it will replace INR which is not the case.

Most of us just want to own its value, treat it as digital asset.

India is not the old country which is slow or skeptical about new asset class. But eventually when world takes a step India will too.

Gary - Yes, awareness I also feel is the most important at this stage. I guess every crypto user has this onus upon them to spread positive crypto awareness

Yes and youtubers like you do a very good job.

Q5. Finally, where do you think BTC is headed both short term and long term.. had a major Dump a while back

I always thought a 6k correction was possible. But in the long run as more adoption happens it will only go big.

The stock markets are over bought too and gold prices have gone up, which means everyone wants to park their value in assets. Digital asset is a new segment, we have to wait and see how this will play out. Will people hedge / park their value in digital assets when crisis happen?

And in the long term play we all need internet money, at this point it could be bitcoin or something else but it has to come.

Q6. Wazirx P2P is the most used method to deposit and withdraw India Rupees in India, can you introdution Wazirx? What makes Wazirx so much used?

What's in it for STF Trader?

1. WazirX P2P was the most innovative P2P exchange that changed a lot of things. We believe not just India even other countries can benefit from this.

2. STF is a new feature and we see a lot of adoption and a lot of folks are investing in it. We just launched payouts so that the trader can distribute the profits as they earn.

Q7. "STAKING" is KNOWN and COMMON in crypto. Do you have a plan about that?

If you have plan

Can you teach us how to stake WazirX token?

We always loved Staking depending upon time we have at hand and priority we will take this up. WRX cannot be staked as mining is currently by trading.

Q8. All crypto projects in order to survive, they need userbase aka "adoption," in what way is your team planning on getting its technology adopted and being put into daily use by people?

Before WazirX we built Crowdfire, it is the most used marketing tool with 21million users.

We believe adoption is core to what we build. Our focus is to build and also grow with users at the same time. Users also discover new projects via exchange.

Q9. After 20 months of launched, what milestones have Wazirx achieved?

WazirX when started was the youngest exchange and the smallest, in 20 months it is the top exchange available on all platforms while a lot of big exchanges shut shop.

Q10.

Hello i'm from Indonesia, When Binance go to one country it usually strict user from other country except the country Binance being proposed,

ex. on Binance US other citizen except US citizen couldn't use the exchanges, how about WazirX will it (in the future) be specially just for Indian Citizen or it would accept other user from different country, and will you open fiat deposit from overseas Bank Account if that happen, thank you

We will be open to all countries and have different features like STF and P2P. Even tho we will be under the brand Binance we will bring innovation across entire Binance ecosystem while being WazirX

Q11. One of the problem right now on blockchain in supporting smart contracts is the insufficient support of large-scale transactions and data compatibility issues. How do you overcome this problem?

Currently we don’t directly develop blockchain projects. We are mere consumers of blockchain tech. Our focus is to enable users to exchange project values.

Q12. One of biggest problem with DApps is inactive and useless state. People just create DApps but it has no use cases nor contribution to blockchain ecosystem. To prevent and resolve this problem which may happen on WazirX  platform, what will your team do?

We occasionally delist projects that are not responsive. It is sad but we have to and I feel bad that some investors loose money in such projects. We usually follow a process to list tokens but still nothing can be promised here.

Q13. Recently, Banks like HDFC, Kotak banks are banning users accounts who trades in cryptocurrencies, So, Do you think that there is any another payment features will came by Binance rather than P2P?

This happened majorly because of users typing in crypto in remarks. However we have now made it easy for buyers to make payment and also use a pre-defined remark for each transaction.

Crypto is not illegal and banks are afraid of crypto fintech. My advice to you is don’t use your main bank account and be mindful of what you write in remarks.

There are only hand full of cases that end up like this. We have thousands of traders trading everyday.

Q14. Still, Most of peoples in India are not aware with cryptocurrencies and Blockchain ! So, whats your next plans to introduce that peoples with cryptocurrencies ?

We will try create awarenesses by creating content with content creators like Youtubers, press and more. But more than us we need your support to make this process faster.

Q15. While most exchanges closed or move out, what did Wazirx do to keep the crypto fire alive in India and become India's most trusted, largest cryptocurrency exchange?

My co founder Nischal was very active across all social media to spread the awareness. I made sure our exchange is innovated such that exchange of crypto is still possible, that is we built P2P and all this in hand we made sure the fire is still live, crypto community did not die.

Q16. While many smart solutions can be implemented with the existing central systems, why should countries turn to blockchain-based solutions while they have technological infrastructure?

Many projects (around 60%) apart from the Top 100 coins right now, are rumoured to fail. What do you think of that? Also, how is WazirX going to grow the traction moving forward?

Well lets look at internet boom time. Many companies were floated and even IPOed but only few survived and make it big like Amazon.

When the technology is new and opportunity is big it is important that we all try but here success is not promised. Fails will happen and that is a good thing, also note not all projects that fail are scammers.

We as a community should support this ecosystem give everyone a chance to change the world. And it is okay to fail.

Q17. A great investment advisor is an investor’s most important partner and resource. Couple of years ago there are global brokerage companies that were driver to bankruptcy.

Q. Is your company risky for businesses and investors?

How will you be able to protect the properties of the company's clients?

We don’t risk user’s fund. We do not hedge users fund either. It is all safe and everyday we find new ways to keep it safer.

Q18. As we know Binance have many product like Coin Voting, Launch Pad, Lending & Future Trading, will you adopted those services to WazirX platform? or maybe u have ur own program, can u share ur beginning program planning to us for be adds on WazirX platform

Basic idea is to combine the power of two. All features they have plus all features we can make. STF is an innovation I see will benefit many users. P2P is already being integrated.

Q19. What major milestones do you have in place as 2019 draws to an end and what major setbacks did you encounter at starting of the project and how did you overcome them and what was your motivation to continue

P2P deep integration is my highest priority. Also there will be more improvements in P2P.

We also want to get all features from Binance to WazirX. So 2020 onwards we will be busy with this

Q20.

Q. In this field of business, what is the WazirX weakness? (OPTIONAL FOR ANSWERS)

Q. How are you planning to compete Globally and have an exchange for Global currencies?

Follow up question would be this.

Q. What is the scope and limitations of WazirX P2P technology?

P2P is our greatest strength and our product experience too. We want to take that to rest of the world with Binance.

Q21. Liquidity is a problem, please will Binance solve this problem? Will wrx also trade on Binance exchnage

Even now liquidity is provided by Binance so you can buy 2-3BTC easily with max 1% slippage. However this will only get better from here.

Q22. What have you learned from early versions of the product or service? What are/were some of the major roadblocks along the way?

I learned that crypto community or users are something else. It is like no other. They are so motivated and are very fast and also it is easy to loose their trust. This meant we have to build a system that was fast and easy to use and at the same time it is safe.