WazirX Founder Nischal Shetty Outlines Growth and Recovery Plans One Year After Restructuring

One year following the implementation of its restructuring process, crypto platform WazirX is reporting measurable signs of recovery in user activity and trading volumes. Nischal Shetty, founder of WazirX, outlined the platform's progress in rebuilding user trust and working toward its pre-attack standing in the cryptocurrency market.

According to Shetty, the platform spent the past 12 months in a recovery phase following an 18-month pause due to restructuring. WazirX reported that customer satisfaction scores for its support team currently stand at over 90 percent, compared to the low 60 percent range when the platform initially launched.

The company stated that its WazirX Zero initiative contributed to attracting a trading audience back to the platform. Spot platform traders increased by 100 to 111 percent between July and September this year, while trading volumes grew by 124 percent. Additionally, WazirX launched its futures platform in April, which now records trading volumes higher than its spot platform. The platform is also seeing an increase in deposits, which Shetty noted will likely soon cross into a positive range.

Data shared by the platform indicates that 94.4 percent of traders since the restart were returning pre-shutdown customers. The platform also registered a 69.4 percent growth in first-time INR depositors, a 52.5 percent increase in monthly first-time traders between November and September, and an 88.1 percent increase in individual deposit transactions.

Addressing the broader market environment, Shetty noted that the first half of the year was bearish, driven by geopolitical uncertainties and a shift of venture capital funds toward artificial intelligence. However, the last couple of months have shown an upward trend with capital returning to crypto alongside Bitcoin's upward movement.

Regarding regulatory compliance in India, Shetty noted that full tax clarity has reduced the confusion that existed one to two years ago, though he added that policies concerning the set-off of losses could still be improved.

Looking ahead, Shetty stated that WazirX aims to regain the top position in the market. He emphasized that achieving this growth is necessary to generate profits, distribute them to impacted creditors, and return funds to customers, describing the platform's current phase as a rebirth despite the ongoing impact of the prior cyber attack.

"Rebuilding trust after a major security incident and a prolonged operational pause is a difficult challenge for any financial technology platform. WazirX's focus on improving customer support, increasing spot and futures trading volumes, and addressing creditor obligations highlights the long and complex road to recovery in the digital asset sector. Regaining market leadership will ultimately depend on consistent platform security, regulatory alignment, and sustained user confidence." — Dr. Shishir Gupta, Founder & CEO, StartupLanes