WazirX Shares Plans to Launch a Decentralized Exchange

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In response to a July 2024 hack that resulted in a loss of $235 million in user funds, Nischal Shetty, the founder of India’s leading cryptocurrency exchange WazirX, has announced plans to launch a decentralized exchange (DEX) and introduce new staking services.

This move is intended to address concerns about security in centralized exchanges and provide users with full control over their assets.

The DEX will operate on a self-custody model, minimizing counterparty risk and reducing reliance on a central authority.

On top of this, Shetty also announced the development of a new utility token to support the DEX, which will have multiple functions, such as fee payments and platform governance.

Through these efforts, WazirX aims to prioritize user security and promote a more decentralized system for managing financial operations.