WazirX Resumes Operations with Phased Trading and Enhanced Security
WazirX, which was once India's largest cryptocurrency exchange, is resuming trading operations. This relaunch follows a significant $230 million hack and a subsequent court-approved restructuring process. The exchange is commencing its operations with a promotional offer of zero trading fees, a measure that will be in effect until October 27th. This phased approach to operational recovery is designed to gradually restore market confidence and ensure stability.
The phased relaunch aims to restore market confidence, with assets gradually enabled over four days, reflecting a cautious approach to operational stability and security enhancements.
Restructuring Under Zettai Pte. Ltd. and Commitment to Next Chapter
The restructuring process has led to WazirX being operated under Zettai Pte. Ltd. While there have been no direct statements released by the founders of WazirX, the exchange has communicated its readiness to embark on its next phase. A statement from the platform indicated, "We are ready to begin the next chapter for WazirX with the platform restart, bringing trading back steadily and completely." The phased trading schedule includes the reintroduction of crypto-to-crypto pairs and USDT/INR pairs.
Major Cryptocurrencies Gradually Reintroduced to Trading Platform
The relaunch of WazirX will see the gradual reintroduction of numerous major cryptocurrencies. This includes prominent digital assets such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), signaling a progressive return of confidence in the platform's capabilities. The immediate implementation of a zero trading fee policy is anticipated to attract significant attention from investors looking to engage with these cryptocurrencies.
Financial Outlook and Security Enhancements with BitGo Partnership
As of the relaunch, specific figures regarding new funding rounds have not been disclosed. The restructuring process was undertaken with the backing of creditors. While on-chain statistics are not currently available, WazirX has emphasized its commitment to improved asset security through a partnership with BitGo. This collaboration is intended to provide enhanced asset security, aiming to reassure both retail and institutional clients about the safety of their holdings on the platform.
Regulatory Response and Market Observation
Following the relaunch of WazirX, there have been no new reported comments from government or regulatory authorities. The market's response to this significant reboot of a major cryptocurrency exchange remains an area of observation and uncertainty.
Focus on Reliability and Liquidity for User Trust
Although there are no direct comments from influencers regarding the relaunch, comparisons are being drawn to historical instances of cryptocurrency exchanges restarting operations after significant disruptions. WazirX has highlighted the critical importance of restoring reliability and liquidity as key objectives, which are essential for rebuilding and maintaining user trust in the platform.