WazirX, the popular Indian crypto exchange, is set to launch a decentralized exchange (DEX) alongside its existing centralized platform. This move comes in response to the significant security breach in July 2024, which resulted in the loss of approximately $235 million in user funds.
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🕠: Set a reminder 👉 https://t.co/0XK3BsP8Xm pic.twitter.com/lYNBA2Rdh2— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 5, 2024
The DEX aims to address the inherent counterparty risk associated with centralized exchanges by allowing users to retain full control over their assets. This means users will be able to self-custody their cryptocurrencies and trade directly with each other without relying on a centralized intermediary.
Source: WazirX: Bitcoin & Cryptocurrency Exchange in India
WazirX plans to introduce a dedicated DEX token that will be used to pay transaction fees on the platform and provide governance rights to token holders. The launch of the DEX is expected to restore trust in the platform and provide users with a more secure and transparent trading environment.
