WazirX Set for Relaunch with Zero-Fee Trading Amid Post-Hack Recovery

By: Eliza Bennet

Prominent Indian cryptocurrency exchange WazirX is poised to make a significant comeback after a protracted period of inactivity, following a costly $234 million hacking incident. The platform, which has been off the radar since the breach, will resume operations on Friday with a strategic phased relaunch. In a bid to regain market trust and attract users, WazirX has announced a zero-fee trading policy for the initial 30 days of its relaunch. This decision is not merely a sales gimmick but a well-thought-out strategy to rebuild liquidity and user confidence, according to Nischal Shetty, the CEO of WazirX.

The initiative to waive trading fees underscores WazirX's commitment towards regaining the trust of its community and fortifying its user base, an effort that CEO Shetty emphasized in his announcement on social media platform Twitter. The exchange's strategy to 'try our best to extend even further!' suggests that the zero fees could potentially extend beyond the planned initial 30-day period, depending on the response and trading volumes.

This comeback is further bolstered by WazirX's new partnership with BitGo, a reputed custodial service known for its robust security features. This partnership is part of the exchange’s post-hack restructuring plan, approved by the courts. The BitGo partnership is an essential layer in the phased restart, providing the much-needed assurance of enhanced security measures for traders and stakeholders.

WazirX’s proactive steps highlight a growing trend among cryptocurrency exchanges to prioritize security and user satisfaction. The efforts to foster a secure trading environment post-hack establish WazirX as a committed player in the digital asset space. As the exchange gears up for its relaunch, industry watchers and community stakeholders will be observing how effectively WazirX can leverage these initiatives to regain its foothold in India’s burgeoning crypto landscape.