With over 10 million users, WazirX is now India’s largest cryptocurrency exchange. The platform, which allows users to buy, sell & trade cryptocurrencies, was founded in 2018 by Nischal Shetty along with his former colleagues Siddharth Menon and Sameer Mhatre.
In 2019, WazirX was acquired by Binance, the world’s largest cryptocurrency exchange and blockchain ecosystem.
When WazirX entered the market, there were no regulatory requirements which governed the crypto industry. Cryptocurrency trading was a relatively new space back then. In such a situation, WazirX decided to follow a self-regulatory approach which included implementing strict KYC and AML (anti-money laundering) policies.
WazirX wanted to build a platform which is safe for people to trade. In co-founder Siddharth Menon’s words, “It has been a very discovering journey for us and also a very daunting one as well.”
Along with KYC requirements, WazirX also needed to mitigate fraud. At the same time WazirX wanted to ensure a faster, seamless sign-up for new customers - this was critical to create a great user experience. And that’s where HyperVerge fit the bill.
We were looking for solutions which would help us in making the whole user onboarding process really, really simple. And faster. Because we didn't want to bombard everything to a user. We just wanted it to be much more convenient for the user.
WazirX chose HyperVerge as their preferred partner due to several reasons. One was that they wanted to on-ramp new users faster and in a better way. Not only HyperVerge helped WazirX in building their own robust KYC layer, it also offered extensive support services. The speed of integration and flexibility of integration was also a big factor for partnering with HyperVerge.
The initial engagement of WazirX with HyperVerge started with basic KYC - the compliance part of it. But WazirX wanted to make the process smarter. With the help of HyperVerge tools like face recognition and face duplication check, it ensured that the crypto platform is safe for all users who are onboarded.
HyperVerge helped WazirX in scaling up to its first 10 million users.
Accuracy and scalability
For WazirX, the accuracy of HyperVerge solutions mattered a lot. In addition to that, they really cared about reliability at scale.
How was it like working with the HyperVerge team?
To put it in simple words, Siddharth Menon said that HyperVerge solutions for WazirX are just like a rubber band, which can expand when they need and contract when the markets are low. “Sometimes you have only 1,000 users signing up per day. Sometimes you have 30,000 users signing up per day and not all systems are ready to sort of take that role. And not always everything can be automated,” he added.
Good balance of tech and user experience
"HyperVerge has a very good balance between the tech behind KYC as well as the product side and the product experience for the on-ramp of a user," said Menon.
It's not only just about tech, but also the user experience. HyperVerge does that really well. And that's their strength as well.
HyperVerge solutions have helped WazirX in balancing different goals. In the world of cryptocurrency, having a secure process and platform is of utmost importance. Together, WazirX and HyperVerge are trying to build the best experience for users as well as for the industry.
WazirX uses HyperVerge to process KYCs
Onboarded with the help of HyperVerge
KYCs handled per day at peak volumes