WazirX

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.

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

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

• Cryptocurrency exchange
• Spot trading
• Futures trading
• Crypto derivatives
• Algorithmic trading

Headquarters

HQ city

Vashi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. Spot Trading Fees: Percentage-based trading fees on spot cryptocurrency transactions, though temporarily waived under promotional periods and ZERO subscription model.
4. 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

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• BitGocoreTechnology or Integration · 24 October 2025BitGo 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.
• FireblockscoreTechnology or IntegrationFireblocks 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

Broad 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

• Xx.com/wazirxindia
• YouTubeyoutube.com/wazirx
• Facebookfacebook.com/wazirx
• LinkedInlinkedin.com/company/wazirx
• Instagraminstagram.com/wazirx

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WazirX