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WazirX to launch decentralized exchange

July 28, 2021

WazirX to launch decentralized exchange

India’s largest cryptocurrency exchange by volume, WazirX, is on a high level stage to launch its very own decentralized trade, co-founder Nischal Shetty said.

Unlike centralized setup, where an exchange is the custodian of a client’s digital currency and controls who can or can’t open a account on it, a decentralized trade works without a middle person association for clearing transactions. The transactions are executed on self-executing smart contracts.

The decentralized exchange is right now going through tests and will be launched one month from now.

“Since a DEX (decentralized trade) doesn’t own the data, even the specialists can’t actually go to the engineer of the exchange and say I need the information,” Shetty said, adding that the data is available on the blockchain for everyone to see.

This development comes as WazirX, has found itself in the crosshair with the authorities in India.

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