After losing more than $230 million (approximately Rs 19 billion) nearly four months after the hack, Wazirx remains focused on restructuring its financial position and finalizing its operating roadmap. In the virtual town hall held this week, founder Nischal Shetty reveals plans to launch a decentralized exchange (DEX) along with the existing Wazirx platform. Shetty notes that DEX can reduce the risks inherent in centralized exchanges and aims to build India’s largest diversified exchanges in the next 12 months.
Centralized exchanges like Wazirx act as asset custodians – retaining private keys and funds in their systems. Their operations are consistent with government policies that require collecting KYC details for users and protocols to monitor user activity and prompt suspicious activity. On the other hand, decentralized communication puts users in charge of their funds and private keys through non-custodial services. In addition, Dexes offers more private transactions than centralized peers.
In one of Wazirx’s multi-smart wallets managed by Liminal Custodies, Shetty believes it is necessary to launch a new service to provide users with greater control over their funds and private keys.
“We are trying to come up with a new business plan for decentralized communication. This will be completely separate and has nothing to do with Wazirx. Because of ease of use and convenience, people are just going back to using centralized communication. DEXE is seen as only for very complex ones. Power users, only for truly refined users – otherwise not for everyone. So, given this incident, the purpose is to provide people with an option to experience a safer, better trading experience,” Shetty said.
Although Wazirx has taken a major blow to its reputation and reputation for the market, Wazirx has begun initial developments in a new platform. However, users have been speaking out in criticism and are often frustrated by the way reimbursement has been processed since the exchange has been slow.
The new platform will also let users store their crypto assets in support of blockchain networks in exchange for rewards. The platform will also bring futures trading and over-the-counter tables to fast traders.
Meanwhile, Wazirx is working with a legal consulting agency in Singapore to restructure its financial position and repay users. However, it has been made clear that the affected users will only recover a certain percentage of the lost funds, not the entire amount. The exchange believes that the restructuring plan should be completed by January 15.
