Cryptocurrency exchange WazirX intends to introduce decentralised products, but only at a later stage. It will continue to focus on improving user experience on the centralised platform, and also plans to introduce new features, said Nischal Shetty, founder, WazirX.
This comes as WazirX’s industry peers have been making advances and pivots in the current bear cycle, where trading volumes remain low. Market players have moved beyond being a pure-play platform to areas such as Decentralised Finance (Defi), and are introducing more functions to improve crypto user earnings.
Shetty, who now is also focussed on his new venture — the layer-1 block chain Shardeum — said he also continues to be actively involved in the running of WazirX, and is focussed on the next phase of its growth to become a more established player in the market.
He notes that in the past 6-12 months, the exchange’s focus has been on compliance, particularly with regulations related to being a reporting entity to the FIU. It has also dedicated efforts to meet user expectations in areas such as KYC. “Despite not publicly announcing many specifics, our emphasis remains on ensuring stability, safety, and ease of use for our users, reflecting our commitment to continuous improvement,” Shetty told businessline.
WazirX has been consistently updating its app, aimed at simplifying user experience. Based on user requirements, the platform has also introduced features such as trending coins, which help users discover coins early on. “I don’t think it’s about adding 20 new features to win, which is why we are still the market leaders, and we’ll continue to be because we focus on what our customers want. We will not change our direction, and continue to build. There are a lot more features under development right now(sic),” said Shetty.
The founder also acknowledges that the platform hasn’t made any “radically different announcements”, but chooses to stay the course. Although users expect more features and developments, the platform is focused to having a cautious, step-by-step approach due to regulatory requirements, especially regarding taxation, he said.