WazirX — India’s largest crypto exchange, which has been acquired by Binance — is continuing to launch new features to reach more users. The exchange highlighted that it doubled its users from 1 million to 2 million from Jan to Mar 2021, and then added another 1 million users in April. To reach more users who may not be well-versed with the crypto space, it’s introducing a feature called ‘QuickBuy’.
As the name suggests, ‘QuickBuy’ aims to make it extremely easy for anyone looking to buy cryptocurrencies. Instead of the complex user interface of trading charts, multiple buy and sell orders, this feature will allow users to just enter the amount, preview the order, and place it. Yes, it’s that simple!
And if you’re worrying that you may not get the best price by doing this, then fret not. The exchange points out the fact this would be the cheapest manner to purchase virtual currencies without any hidden charges. The feature utilizes WazirX’s order book to execute any transaction.
WazirX’s founder and CEO Nischal Shetty state that the reason the exchange is growing fast is “Our low spread and highest liquidity in the rupee coupled with an easy-to-use interface are already unparalleled within the market. These factors are precisely the ones driving the customer footfall.“
He believes that the QuickBuy feature will help the exchange scale to 10 million customers as it’ll cater to newbies. The Binance-owned company also shared that its monthly trading volume reached $2.4 billion in April.
While WazirX is at the forefront of the crypto revolution and its CEO Shetty has been a huge believer of how crypto can change the future, it remains to be seen what the Indian government’s stance on crypto is. Since January this year, the speculations are rife that the government will ban cryptocurrencies, though it may launch its own CBDC (just like the Chinese digital Yuan) and explore the potential of blockchain. Although there are also chances that the government takes a calibrated approach. What that would be — only time will tell.