WazirX founder Nischal Shetty announced the company's plans to introduce a decentralized exchange (DEX) alongside its existing centralized platform. This move comes in the wake of a significant hack that resulted in approximately $235 million in user fund losses, highlighting the counter-party risks associated with centralized exchanges. Shetty emphasized that users will have full control over their assets in the DEX, allowing for self-custody and unrestricted trading. Additionally, a DEX token is set to be created for transaction fees and governance purposes. The announcement follows a tumultuous period for WazirX, during which a breach exposed its multi-signature wallet, leading to needs for account balance adjustments that faced backlash from users. Despite these challenges, the DEX aims to enhance security and reliability for trading assets.

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