How does WazirX work?

The released Bitcoin is then transferred directly into the buyer's wallet, completing the exchange. This seamless transition ensures that both parties receive their respective assets without delay or complication.

During a cryptocurrency transaction facilitated by WazirX, the seller initiates the process by depositing the agreed-upon amount of Bitcoin into the WazirX Escrow wallet. This action ensures the safety and security of the funds during the exchange process.

Parallel to the seller's deposit, the buyer fulfills their obligation by transferring the necessary funds to the seller's designated bank account. This transfer represents the buyer's commitment to the transaction and their readiness to complete the exchange.

After the buyer's funds have been successfully transferred, the seller verifies the receipt of payment through the WazirX platform. This step is crucial as it confirms the buyer's end of the bargain, allowing the transaction to proceed further.

Upon confirmation of payment, WazirX's Escrow system releases the Bitcoin from its temporary holding wallet. This action signifies the completion of the payment verification process and the buyer's eligibility to receive the cryptocurrency.