WazirX
India-based cryptocurrency exchange offering spot and INR-denominated futures trading across 300+ tokens to 16 million+ retail users, rebuilding after a $235M 2024 cyberattack via court-approved restructuring, subscription pricing, and institutional-grade custody partnerships.
- Company typePrivate
- Founded2018
- HeadquartersVashi, India
- Headcount51–100
- GTM typeB2C
- OfferingSoftware
What WazirX does
WazirX is an India-based cryptocurrency exchange operated by Zanmai Labs Pvt Ltd under Singapore-domiciled parent Zettai Pte Ltd. The platform serves approximately 16 million+ registered Indian retail users with spot trading across 300+ cryptocurrencies via INR-denominated pairs, complemented by futures contracts launched in mid-2026 with maker fees of 0.02%, taker fees of 0.04%, and up to 100X leverage, a public REST API with ~99.8% uptime serving algorithmic and developer traders, and a subscription product (WazirX ZERO) priced at ₹99/month for unlimited zero-fee trades. Revenue mechanics combine subscription recurring revenue, transaction-based futures and spot fees, and a tiered referral program offering up to 50% of referee trading fees as rewards. The exchange holds Financial Intelligence Unit-India (FIU-IND) registration as a Virtual Digital Asset Service Provider and operates within India's Prevention of Money Laundering Act framework.
In July 2024, WazirX suffered approximately $235 million in losses from a cyberattack attributed to North Korea's Lazarus Group, breaching a third-party custody wallet operated by Liminal and resulting in roughly 40% loss of platform assets. The operator suspended trading for over 15 months and pursued court-supervised restructuring in Singapore, with the Singapore High Court approving the scheme on October 13, 2025 with 95.7% creditor approval. Operations resumed on October 24, 2025 with institutional-grade custody provided by BitGo, Fireblocks-managed security infrastructure, and a "Guardians of Trust" transparency initiative featuring proof-of-reserves publication and third-party audits. At relaunch the platform distributed approximately 85% of user funds immediately, with remaining claims addressed through blockchain-native Recovery Tokens funded by future operational profits.
Post-restructuring, WazirX has rebuilt its product surface with the March 2026 launch of the WazirX ZERO subscription and the mid-2026 launch of INR-denominated futures, alongside AI-powered personalized trading recommendations and multi-language educational content (Hindi, Tamil, Bengali, Telugu, Gujarati, Marathi, Kannada, Punjabi, Assamese, Malayalam). Distribution remains product-led via self-serve web and mobile applications (iOS and Android) targeting Indian retail traders, with marketing concentrated in content marketing, a referral program, and futures promotional campaigns. The exchange currently holds approximately 8-10% of India's domestic crypto trading market, down from over 50% prior to the cyberattack, and is pursuing recovery of lost share through cost-based differentiation.
WazirX firmographics
Firmographics- Name
- WazirX
- Legal name
- Zanmai Labs Pvt Ltd
- Website
- https://wazirx.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- India-based cryptocurrency exchange offering spot and INR-denominated futures trading across 300+ tokens to 16 million+ retail users, rebuilding after a $235M 2024 cyberattack via court-approved restructuring, subscription pricing, and institutional-grade custody partnerships.
- Ownership category
- akta.pro rank
WazirX industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
- akta.pro secondary industries
- Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Collateral Management, Liquidation & Risk Engines (Credit) (FSADAFAE), Risk Management, Controls, Governance & Policy (Crypto) (FSADALAJ)
Keywords
Where WazirX is headquartered
LocationHeadquarters
- HQ city
- Vashi
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
WazirX business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Subscription Fees (WazirX ZERO): Flat monthly subscription model at ₹99 per month offering zero trading fees for unlimited trades. This shifts from transaction-based to subscription-based revenue, potentially improving accessibility for smaller investors while creating predictable recurring revenue.
- Futures Trading Fees: Maker fees of 0.02% and taker fees of 0.04% with no volume threshold requirement. Revenue from futures trading supports WazirX's ongoing restructuring efforts and additional recoveries for creditors holding Recovery Tokens.
- Spot Trading Fees: Percentage-based trading fees on spot cryptocurrency transactions, though temporarily waived under promotional periods and ZERO subscription model.
- Referral Program Rewards: Users can earn up to 50% of referral's trading fees as rewards, calculated based on WRX holdings. Rewards paid monthly in INR, with 10% TDS applicable.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | WazirX ZERO - Unlimited Trading Subscription |
| Transaction based/ take rate | Pay-as-you-go | Futures Trading Fees - Maker/Taker |
| Transaction based/ take rate | Pay-as-you-go | Margin Requirements for Futures |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
WazirX product offering
Product offeringCore offering
WazirX is an Indian cryptocurrency exchange offering spot trading across 300+ cryptocurrencies with INR-denominated pairs, crypto futures trading with up to 100X leverage, and a WazirX ZERO subscription model at ₹99/month for unlimited zero-fee trading. The platform provides institutional-grade custody via BitGo, a public REST API for algorithmic trading with ~99.8% uptime, and AI-powered trading tools. Operations resumed in October 2025 following Singapore High Court-approved restructuring after the July 2024 cyberattack.
Product overview
WazirX operates as a unified cryptocurrency exchange platform offering spot trading, futures derivatives, and subscription-based fee models. The core offering consists of the WazirX Exchange for spot trading across 300+ cryptocurrencies with INR pairs, complemented by WazirX Futures launched in May 2026 for leveraged trading with competitive fees. The platform differentiates through WazirX ZERO, a subscription model at Rs 99/month eliminating traditional trading fees, and the WazirX API enabling algorithmic trading. Additional services include the Guardians of Trust security hub, educational resources through the Crypto Guide, and a referral program with up to 50% reward rates. The platform holds 8-10% of India's domestic crypto trading market and is rebuilding after a July 2024 cyberattack that led to over $235 million in losses.
Differentiator
Problem solved
Functional benefit
Brands
- WazirX ZERO: Subscription-based trading model launched in March 2026 offering unlimited trades for a flat ₹99 monthly fee, replacing percentage-based trading fees.
- AI Trading Tools
- WazirX Futures
- Guardians of Trust
Products and services
- WazirX Exchange India's cryptocurrency exchange offering spot trading across 300+ cryptocurrencies with INR trading pairs, featuring deep liquidity pools, swift transactions, and institutional-grade security through BitGo custody. The platform is FIU-IND registered and PMLA compliant, serving 16 million+ registered users.
- WazirX Futures Crypto futures trading platform offering maker fees of 0.02% and taker fees of 0.04% with direct INR trading without USDT conversion, up to 100X leverage, and mandatory knowledge assessments for risk management. Covers 36 tokens at launch with margins starting around ₹1,000-2,000.
- WazirX ZERO Subscription-based trading model offering unlimited zero-fee trades across 300+ tokens for a flat ₹99 monthly charge, eliminating per-trade cost uncertainty for frequent traders and saving approximately ₹6,000 annually in fees for active users.
- WazirX API Public REST API enabling developers to build automated trading solutions with advanced order management, real-time WebSocket data feeds for live market updates, account management, and VIP program features for high-volume traders. API uptime is approximately 99.8%, supporting 300+ tokens and serving 15 million+ registered users.
Quantifiable outcome
- 85% of user funds distributed immediately upon platform restart following Singapore High Court restructuring
- +2 more outcomes
Companies that use WazirX
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
WazirX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability3 records
Feature6 records
WazirX partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- BitGocoreBitGo Trust Company Inc., the leading regulated digital asset custodian, partnered with Zanmai Labs (WazirX operator) to significantly enhance security of funds on the platform. This strategic collaboration aims to solidify WazirX's position as a secure and reliable exchange for Indian investors following the $235 million cyberattack. BitGo provides institutional-grade custody with insurance coverage.
- FireblockscoreFireblocks provides institutional-grade security infrastructure for WazirX's platform. The security collaboration includes regular updates on security measures, third-party audit reports, and Proof of Reserves publication as part of the Guardians of Trust initiative.
Scale indicators8 records
Recent moves5 records
Expansion highlights5 records
WazirX competitors and assessment
Company assessmentBroad incumbents
- Coinbase: Largest US-regulated crypto exchange offering spot, futures, and custody services. Comparable business model across product lines and a benchmark for institutional-grade crypto exchange operations following WazirX's security rebuild.
- Binance: Global crypto exchange leader that historically partnered with WazirX. Operates globally but faces Indian regulatory friction; competes for Indian users via offshore access, creating both threat and opportunity for WazirX's domestic positioning.
- KuCoin: Global crypto exchange serving retail and algorithmic traders with extensive token listings. Comparable on product breadth (spot, futures, API) and target customer (active retail/algorithmic traders), competing for Indian users via offshore access.
- OKX: Global crypto exchange offering spot, futures, and API trading with strong derivatives positioning. Comparable product mix and algorithmic-trader focus; competes for Indian active trader volume through offshore platform access.
Direct peers
- ZebPay: One of India's oldest crypto exchanges offering spot trading and INR pairs. Directly competes in the same Indian retail crypto market with similar regulatory standing and customer base.
- CoinSwitch: Indian crypto aggregator and exchange serving retail investors with INR trading pairs. Competes head-to-head for the same retail trader segment and was a creditor in the WazirX restructuring.
- Unocoin: Indian crypto exchange focused on retail Bitcoin and INR trading. Operates in the same domestic market with comparable regulatory standing, competing for entry-level Indian crypto retail users.
- CoinDCX: India's largest crypto exchange by volume post-WazirX hack, offering spot, futures, and INR pairs. Direct competitor for the same Indian retail crypto trader segment with overlapping product set and regulatory positioning.
- Bitbns: Indian cryptocurrency exchange offering spot and derivatives trading with INR pairs. Competes in the same domestic retail segment, particularly for active and algorithmic traders.
Emerging players
- Bybit: Derivatives-focused global crypto exchange with strong futures product offering. Comparable to WazirX's newly launched INR futures in product mechanics and active-trader focus; competes for Indian derivatives flow via offshore access.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
WazirX social profiles
Digital presenceWazirX compliance and trust
Trust signalCompliance2 records
WazirX financial estimates
Financial estimateRevenue estimate
Valuation estimate
WazirX leadership team
Management profileNumber of profiles
Profiles3 records
WazirX funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
WazirX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about WazirX
What does WazirX do?
WazirX is an Indian cryptocurrency exchange offering spot trading across 300+ cryptocurrencies with INR-denominated pairs, crypto futures trading with up to 100X leverage, and a WazirX ZERO subscription model at ₹99/month for unlimited zero-fee trading. The platform provides institutional-grade custody via BitGo, a public REST API for algorithmic trading with ~99.8% uptime, and AI-powered trading tools. Operations resumed in October 2025 following Singapore High Court-approved restructuring after the July 2024 cyberattack.
Is WazirX a public or private company?
WazirX is a private company. It is classified as venture growth investor backed and is currently operating.
When was WazirX founded?
WazirX was founded in 2018. It employs 51 to 100 people.
Where is WazirX based?
WazirX is headquartered in Vashi, India, in the Asia region.
How does WazirX make money?
Four revenue lines are on record. Subscription Fees (WazirX ZERO) is the primary driver. The others are futures Trading Fees, spot Trading Fees and referral Program Rewards.
Who are WazirX's main competitors?
Broad incumbents on record are Coinbase, Binance, KuCoin and OKX. Direct peers are ZebPay, CoinSwitch, Unocoin, CoinDCX and Bitbns. Bybit is listed as an emerging player.
Does WazirX have an API?
Yes. WazirX offers a public REST API enabling developers to build trading bots, integrate trading functionality, and access real-time market data. The API provides advanced order management, real-time WebSocket sockets for live market updates, account management, and VIP customer program features for high-volume traders. API uptime is approximately 99.8%, supporting 300+ tokens and serving 15 million+ registered users. Developer documentation is at docs.wazirx.com.
What industry is WazirX in?
WazirX's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSADAAAA, Spot Crypto Exchanges (Order-Book & Matching Engine), with a secondary code of FSADAAAG, Crypto Custody & Exchange Wallet Services (Integrated). Its NAICS code is 52321 and its SIC code is 6200.