WazirX plans to launch decentralised exchange and recovery tokens
07 Nov 2024, 08:25 PMWazirX proposed launching a decentralised exchange as well as a recovery token as part of its recovery strategy.
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In a bid to address the significant losses incurred by users during a major security breach, WazirX is rolling out a comprehensive recovery strategy, including the launch of a decentralised exchange (DEX) and new recovery tokens.
In a virtual town hall held on November 6th, WazirX founder Nischal Shetty said he is aiming to establish India's largest decentralised exchange within the next 12 months. The decentralised exchange will give users full control over their assets, eliminating the need for intermediaries and reducing the risks associated with centralized platforms.
Take a look at the volatile journey of WazirX and its founder Nischal Shetty.
“Coming to the new business initiative that we are trying to come up with a decentraslied exchange. This will be completely separate, not related to WazirX. People just go back to using centralised exchange because of the ease of use and the convenience,” Shetty said.
WazirX plans to roll out the new platform and a test version of the DEX soon. Users holding recovery tokens will have the option to exchange them for DEX tokens. Profits generated from both the DEX and the main platform directed back to users affected by the breach.
The new platform will introduce new features, including crypto staking, an over-the-counter (OTC) trading desk, and futures trading options. These additions aim to increase revenue, which will help fund the repayment plan for affected users.
WazirX's recovery efforts are also part of an ongoing restructuring process in Singapore, where the company has been granted a four-month moratorium by the courts. The cryptocurrency exchange is working with a legal advisory agency named Kroll to restructure its finances and reimburse (a certain percentage of lost funds) its users.
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