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WazirX is a crypto trading platform founded in 2018 by Sameer Mhatre, Nischal Shetty, and Siddharth Menon and took the nation by storm. In this article, we will be analyzing the various factors which contributed to the platform’s rise from a humble startup to a multi-trillion-dollar company in 4 years. We will then discuss how that knowledge can be applied to develop your own trading platform.
The now-famous WazirX is truly a product of circumstance, ingenuity, and resilience. The founding trio’s first venture was a completely unrelated social media management service called Crowdfire in 2010. However, the social media giants made changes to their policies, restricting APIs and making life harder for our future billionaires. This prompted Nischal Shetty and co to come up with a different tactic, which is what led them to the decentralized ecosystem.
The year was 2018, which you might have heard referred to as the year of the crypto bubble. Crypto exchange rates skyrocketed as the owners were rushing to sell off their tokens, making it the best time to launch a crypto trading platform. Shetty and his team decided to put their technical expertise into action and developed a blockchain-based crypto trading platform.
Although they had heavy competition, WazirX had one thing that the others didn't: a keen understanding of how the financial and technological operations in India differed from the international model. This allowed them to fine-tune their trading platform for the Indian market, and they seemed to be all set to settle down in this niche until the Reserve Bank of India banned all crypto-related payments.
Once again, the company was forced to shift its goals, and it finally ended up positioning itself as a third party overseeing transactions between traders. This was a huge gamble, as it was a far cry from the decentralized philosophies they initially adopted. This gamble paid off, as WazirX is now India’s largest crypto trading platform, and has seen a 1200% increase in the number of registered users in 2021.
The CEO of WazirX attributes the success of the platform to two factors: Novelty and Convenience.
Being one of the first to fulfill the need for a crypto trade platform in India, WazirX didn’t have a lot of competition in the first place. They designed the platform to be as user-friendly as possible, as well as providing users with all the knowledge they needed in simple terms, which made people trust them and trade confidently.
1. Timing - the company was launched during the peak of crypto trading
2. Novelty and the lack of competitors in India
3. The convenience of trading on the platform helped gain a good reputation within the early crypto crowd
4. The resilience to overcome multiple setbacks and the ability to recover quickly
So now, we can discuss how you can start a crypto trading platform like wazirx.
Step 1:
Figure out each and every aspect of the business model which you want to implement, and determine what the target audience needs.
Step 2:
Start building the platform. There are many different methods to do this.
The first way is to code everything from the ground up, on your own, or by hiring a team of developers. This is a lengthy process, which can sometimes take up to a year, requiring a lot of effort and money to complete.
The second, and easier way, is by using White label clone scripts. These are ready-to-deploy software scripts that can be bought and customized with your own branding, additional features, and so on. This is far less expensive and time-consuming.
To learn more about Clone scripts, Click here.
Step 3:
If you choose to build the platform from scratch, it is highly recommended to hire a team of experts. You have to coordinate with them to design the UI, front end, back end, maintenance, and management aspects individually. The benefit of this approach is that it gives you an extremely high degree of control over each and every aspect of the platform, which will result in a truly unique product. This step can be skipped entirely if you choose to go with the white label option.
Step 4:
Now that you have finished developing the platform and made sure that it complies with all the relevant rules and regulations, you are ready to launch it. Common practice is to release an early beta program, where the software is released on a small scale so that early users can give feedback to the developers which helps find out bugs and fix them. Users may also request certain features which can also be implemented before the final full release.
Step 5:
The real work begins after the platform is released. Since crypto trading takes place 24/7, you also need 24/7 customer support. You also need to constantly pay attention to user feedback and regularly push updates to improve the platform and give the users what they need.
Step 6:
Employ a good PR and marketing strategy. This step helps build good relations with your users, establish a brand image, and in some cases even be used to raise funds during early development. This is a very important aspect, comparable to the development of the actual product itself. This is why we highly recommend hiring a good sales and marketing team to push the company agenda.
There's a lot more that goes into building and maintaining a crypto trading platform like WazirX, such as business strategies, logistics, fund management, and so on. This article aims to simply provide insight into how the lessons learned by studying the rise of WazirX can be incorporated into developing your trading platform.
The key takeaways are that although success is often extremely situational, A.K.A being at the right place at the right time, the benefits of persistence and resilience cannot be overlooked. Even if the expected level of success is not immediately achieved, you must stay on track, while also remaining flexible enough to find creative workarounds and solutions to various problems which may come your way. The world of crypto is young and full of opportunities, and with the right mindset and a little bit of luck on your side, you too can one day be as successful as WazirX.
