After a 19 month long struggle, Indian crypto traders can now deposit and withdraw their crypto assets in fiat. All thanks to cryptocurrency exchange WazirX that reinstated its INR deposit and withdrawal service within 2 days of the judgment. And this is expected to play a pivotal role in building up crypto liquidity in INR markets.
Within 29 hours of the Supreme Court of India’s favorable verdict on cryptocurrency, WazirX went live with its Indian Rupees (INR) deposits. As per the official announcement dated 5 March, any INR deposit will be processed within an hour.
In the same announcement, the team revealed its plans of “coming soon” INR withdrawal support.
It's been a long enduring battle, but #crypto has won! You have won.
After long wait of 19 months, INR deposits are enabled on WazirX 🚀
We’ve also launched WazirX Market Maker Program. 💪 $WRX
Read more on our blog 👇https://t.co/aKW3ubUDYs
— WazirX (@WazirXIndia) March 5, 2020
And it has surprised the Indian crypto community by rolling out the INR withdrawal in a days’ time. Undoubtedly, WazirX houses a pretty hard-working team.
Could a hurry lead to worry?
WazirX CEO, Nischal Shetty ensured the platform users that all the features will be released only after regressive testing. Moreover, this is to make sure the user experience is smooth.
The Indian community is getting impatient to enjoy instant INR deposit and withdrawal support on WarizX. Additionally, Shetty confirmed that this is the next on the bucket list.
Meanwhile the month old coin WRX is exploding. In the last 7 days, WRX has gained 165.8%. The WRX token sale was conducted on Binance Launchpad in early Feb.
However, it is important to note that the deposits and withdrawal are active only for 5 coins currently.
These are Bitcoin, Ethereum, Ripple, Litecoin and Dash.
And the community is pressing for a WRX/INR pair!
Nice work @NischalShetty if it is possible then please add warx/inr trading pair. It is a request
— Jeherul islam (@Jeherulislam4) March 6, 2020
Waves of optimism
WazirX is not the only one to be highly optimistic. Unocoin CEO and Co-Founder Sathvik Vishwanath also tweeted how suddenly everything is turning favorable in India.
Good to have the account manager of @unocoin’s old bank account coming to my home asking to open the corporate bank account again! He sees that this is going to be a BIG account. #FOMO among them! #IndiaGotCrypto
— Sathvik Vishwanath (Unocoin) (@sathvikv) March 6, 2020
Furthermore, he tweeted how the old Indian bank manager approached him to reopen the Unicoin account with them.