CoinSwitch, a crypto exchange that operates domestically, is implementing a recovery initiative valued at Rs 600 crore for WazirX users. This move aims to attract customers of the struggling company and assist them in recovering their losses.
The program will be rolled out to WazirX users over the span of two years, in a staggered manner. It allows CoinSwitch to distribute fixed amounts to these users in Indian rupees or crypto equivalents. According to Ashish Singhal, co-founder of CoinSwitch, the funds will be directly deposited into the user’s account with no restrictions.
Users can then choose to deposit it back to their bank accounts, sell it, or trade with it. The program is also expected to disburse funds based on crypto deposits once WazirX resumes crypto withdrawals.
This announcement comes at a time when the crypto industry is experiencing a surge in virtual digital asset prices, particularly Bitcoin. Last month, the cryptocurrency reached an all-time high of $108,319. CoinSwitch is financing this program using its existing cash reserves.
