WazirX Outlines Two-Week Plan for INR Withdrawal Settlements
- WazirX initiates first phase of INR withdrawals, allowing users access to 33% of their balances.
- Co-founder Nischal Shetty targets a two-week timeline for the next phase, aiming to unlock another 33% of INR balances.
- Withdrawal fees reduced by 60%, from INR 25 to INR 10, to streamline the process for users.
One standout detail is that WazirX faces significant challenges in resolving the frozen 34% of INR balances due to complex banking and legal hurdles, which are currently being addressed without specific timelines from courts or banks.
The phased withdrawal approach and proactive fee reduction demonstrate WazirX’s commitment to user satisfaction and regulatory compliance, setting a positive precedent for other exchanges navigating similar issues.
