Nischal Shetty, the founder of Indian cryptocurrency exchange WazirX, announced that the company is expanding its business by exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services. The decision to launch DEX comes as a response to the WazirX security incident in July 2024, when attackers stole about $235 million in user funds from the exchange.
The new DEX will help eliminate transactions inherent in centralized platforms, reducing counterparty risk. Additionally, Shetty revealed plans to launch corresponding DEX tokens to pay platform fees and provide governance tools.
