WazirX plans on launching a decentralized exchange
WazirX founder Nischal Shetty also announced the upcoming introduction of staking services to the centralized cryptocurrency exchange.
Nischal Shetty, the founder of the popular Indian crypto exchange WazirX, announced the company is expanding operations and exploring building a separate decentralized exchange (DEX) that will operate alongside the company’s current centralized service.
According to Shetty, the decision to launch a DEX is a response to the July 2024 WazirX hack — which drained the exchange of approximately $235 million in user funds — and should help eliminate the counter-party risk inherent in centralized platforms. The WazirX founder asserted:
The WazirX founder also revealed plans to launch a corresponding DEX token to pay for fees on the platform and provide an instrument for governance.
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Author: Vince Quill
