WazirX Acquired

WazirX leads the market by transaction volumes with over 16 million users and 350+ cryptos and tokens listed.

"We continuously innovate to build the most secure, reliable, and user-friendly platform" for crypto trading in India.

WazirX's P2P feature auto-matches INR buyers and sellers of USDT with WazirX holding funds in escrow; "once you click on buy, your automatic matching with the direct sellers starts."

Post-relaunch, WazirX "partnered with BitGo to provide insured, institutional-grade custody for user assets."

Over 16 million registered users trading 350+ listed cryptocurrencies and tokens.

Financial institutions, institutional investors and private entities including fintechs, asset managers, VCs, HNIs, family offices and trusts using WazirX's OTC desk.

Users who convert INR to USDT and other crypto (and vice versa) directly with counterparties via WazirX's escrow-based P2P marketplace.

"Personalized Service" with dedicated account managers and "24X7 Support" for Platinum-tier institutional users.

Retail users self-serve via the app; WazirX acts as an intermediary/escrow for P2P trades between buyers and sellers.

WazirX's app lets users buy, sell and hold Bitcoin, Ethereum and other cryptos on iOS and Android.

Direct INR-to-crypto conversion via the P2P order book on wazirx.com, with matching against direct sellers.

A public REST API lets users and institutions automate trades and stream live rates programmatically.

A dedicated OTC desk with smart dashboard for high-volume and institutional order placement, minimum order $50,000.

Operating the exchange's order book/matching engine across 350+ listed cryptocurrencies and tokens.

Matching INR buyers/sellers of crypto and holding funds in escrow until payment is confirmed.

Zanmai Labs performs KYC checks, reports to the FIU and fulfils obligations under the Prevention of Money Laundering Act as an FIU-IND registered reporting entity.

Managing multisig custody arrangements for user funds, now via institutional custodian BitGo after the 2024 breach.

"WRX is WazirX's native utility token" serving as "the backbone of the entire WazirX ecosystem," used for fee discounts, listing fees and project-listing votes; total supply 1 billion WRX.

Zanmai Labs (WazirX) is registered with FIU-IND as a reporting entity, a regulatory asset that lets it legally operate INR-crypto trading pairs.

"WazirX has been acquired by Binance, the world's largest cryptocurrency exchange" (Nov 2019); Binance later said in Aug 2022 this was limited to an asset/IP purchase and that it "did not purchase any equity (and does not own any equity) in Zanmai Labs" -- an ownership dispute that continues.

Multisig custody partner (5 WazirX + 1 Liminal signatures) until WazirX ended the relationship in August 2024 following the July 2024 hack.

"WazirX has partnered with BitGo to provide insured, institutional-grade custody for user assets" as part of its October 2025 relaunch.

Zanmai Labs is registered with FIU-IND as a reporting entity, performing KYC checks and PMLA reporting.

"Commission from trading was the largest source of revenue for WazirX which accounted for 94% of the collections" -- $101.9 million (Rs 774.4 crore) in FY22.

"We offer the lowest trading fee in the industry ranging between 0.05% - 0.2%" for institutional and high-volume OTC clients.

Marketing and promotion spend "surged around 16X to $79.6 million (Rs 605 crore) in FY22" from $5 million in FY21 -- WazirX's single largest cost line.

"Expenditure on salaries and other employee benefits shot up 2.3X to $5.25 million (Rs 40 crore)" in FY22.

"Payment gateway charges also increased 11.25X to $2.3 million in FY22."

WazirX spent $3.8 million on server charges in FY22.