WazirX’s Nischal Shetty Focuses on Launching a Decentralised Exchange (DEX)

Plans for a Decentralised Exchange

In the wake of security incidents affecting centralised exchanges, WazirX’s founder Nischal Shetty presented an initiative to introduce a decentralised exchange (DEX). The new platform aims to give users better control over their assets and greater security in a rapidly evolving cryptocurrency landscape.

Key Features of the Upcoming DEX

• Enhanced User Control: Users will manage their private keys, mitigating risks associated with centralised models.
• Futures Trading: The platform will support advanced trading options for experienced traders.
• Staking Opportunities: Users can stake their crypto assets to earn rewards while supporting blockchain operations.
• Over-the-Counter Desk: For fast traders seeking immediate transaction capabilities.

Despite upcoming challenges, WazirX remains committed to providing a safer trading environment. Shetty emphasized the importance of a user-friendly interface for the decentralised exchange.

Restructuring Efforts

WazirX is also collaborating with Kroll, a legal advisory agency in Singapore, as it restructures its finances and navigates user reimbursements. While efforts are underway to regain user trust, affected customers will not receive full reimbursements, as only a fraction of lost funds will be returned.