Key Takeaways:
- WazirX founder Nischal Shetty announced plans to launch a decentralized exchange (DEX) alongside the existing centralized platform.
- The DEX is part of a strategy to increase user control and security after a $235 million hack in July 2024.
- A new utility token will be introduced, enabling fee payments and governance within the decentralized ecosystem.
Nischal Shetty, founder of India’s major crypto exchange WazirX, announced plans to launch a decentralized exchange (DEX) and new staking services.
This initiative comes after a July 2024 hack that led to a $235 million loss in user funds, raising concerns about security in centralized exchanges.
We’ll do whatever it takes to help fill the gap left by the cyberattack. Your support is all we need 🙏❤️https://t.co/AgynOF8fM0
— Nischal (Shardeum) 🔼 (@NischalShetty) November 6, 2024
The planned DEX aims to give users complete control over their assets by enabling self-custody, thereby reducing counter-party risk and dependency on a central authority.
Additionally, Shetty revealed a new utility token designed to support the DEX, which will be used for fee payments and governance on the platform.
This expansion represents WazirX’s commitment to enhanced user security and decentralized financial operations, marking a significant shift towards a more user-controlled trading environment.
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