Indian Exchange WazirX to Launch a Decentralized Platform

Nischal Shetty, founder of the popular Indian cryptocurrency exchange WazirX, has announced plans to expand operations by building a decentralized exchange (DEX) in addition to the current centralized service.

This decision was prompted by the 2024 hack that resulted in the loss of $235 million in user funds and aims to address the counter-party risk associated with centralized platforms.

Shetty believes that the DEX will allow users to have complete control over their assets and freely trade without any limitations.

Additionally, the exchange will introduce a new DEX token which will serve as a payment method for fees and as a governance tool.