WazirX restarts its trading platform and plans to launch an independent DEX and its token

ChainCatcher news, Nischal Shetty, the founder of the Indian cryptocurrency exchange WazirX, announced that the company is expanding its business and exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services.

According to Shetty, the decision to launch the DEX is a response to the WazirX security incident in July 2024, when attackers stole approximately $235 million in user funds from the exchange. The latest initiative will help eliminate the counterparty risks inherent in centralized platforms. He also revealed plans to launch a corresponding DEX token for paying platform fees and providing governance tools.

In addition, WazirX will reopen its trading platform, allowing users to resume trading to increase trading volume. The fees generated during this period will be shared with creditors, creating new avenues for fund recovery.