WazirX has announced its upcoming launch of a decentralized exchange (DEX) as part of its efforts to strengthen user security.
This comes in the aftermath of a major hack in July where hackers were able to steal $235 million from the platform, raising concerns about the safety of centralized exchanges.
According to co-founder Nischal Shetty, the new DEX will coexist with the existing centralized platform and will allow users to have complete control over their assets.
During the fourth townhall, Shetty stated, “With a decentralized exchange, users will have full ownership of their assets, eliminating any risks from external parties.”
Shetty further revealed that the DEX will have its own token that will cover transaction fees and enable community governance.
