Running a cryptocurrency business in India is no easy feat. Just three weeks after the Mumbai-based cryptocurrency exchange WazirX launched in March 2018, the Indian central bank imposed a blanket ban on virtual coins in the country. The Reserve Bank of India’s circular put crypto exchanges in a precarious position. With investors fretting over the ban, trading volumes on exchanges dropped severely and some players in India had to shut shop. The bootstrapped WazirX also found itself in a tight spot. But it managed to work its newness to its advantage. Being relatively smaller than other players gave it the ability to tide over the ban.