WazirX Co-founder to Launch a DEX
WazirX has revealed its plans to introduce a decentralized exchange (DEX) in an effort to enhance user security.
This decision was made in response to a major hack in July, where hackers managed to steal $235 million from the centralized platform, raising concerns about the safety of this type of exchange.
According to Nischal Shetty, one of WazirX’s co-founders, the DEX will work in conjunction with the existing centralized platform, giving users complete control over their assets.
Shetty mentioned during the company’s fourth townhall meeting that “a decentralized exchange ensures that assets remain under the control of users, without any risks from third parties.”
The DEX will introduce its own token which will cover transaction fees and provide a way for the community to participate in governance. It is set to launch in early 2025, with a gradual approach to adding users.
