WazirX, one of India’s most prominent cryptocurrency exchanges, has announced a strategic collaboration with BitGo, a globally recognized digital asset financial services provider.
The partnership revealed on X is a major step toward improving security and custodial services for WazirX users, reinforcing the exchange’s commitment to protecting digital assets.
With rising concerns over fund security and regulatory compliance in the crypto space, WazirX aims to rebuild user trust by implementing BitGo’s state-of-the-art security solutions.
The move is particularly crucial as the platform navigates its recovery phase following past challenges, ensuring a safer trading environment for its users.
BitGo’s Industry-Leading Security Solutions to Protect User Assets
BitGo, known for its expertise in securing over 1,100 cryptocurrencies for more than a decade, will bring advanced security features to WazirX.
The partnership will introduce multi-signature wallets, enhanced security controls, and insurance coverage of up to $250 million, significantly reducing risks associated with hacking and fraud.
These measures ensure that WazirX users’ funds remain safeguarded under the highest industry standards, providing a much-needed boost to investor confidence.
As crypto exchanges worldwide face increasing scrutiny over asset management, WazirX’s decision to collaborate with BitGo demonstrates a proactive approach to risk mitigation and operational transparency.
Also Read: Singapore High Court Greenlights WazirX’s Plan to Reimburse 75% to 80% of Stolen Crypto Money
Enhancing Transparency Through the WazirX Restructuring Scheme
Beyond security enhancements, this partnership is also expected to play a key role in WazirX’s ongoing Restructuring Scheme.
By leveraging BitGo’s secure custody solutions, WazirX aims to ensure transparent fund distribution and improved asset management.
The initiative is part of the exchange’s broader efforts to comply with global regulatory standards and restore credibility following past incidents.
The partnership aligns with WazirX’s strategy to establish a more accountable and secure framework for managing user assets, reducing concerns about fund mismanagement and enhancing operational integrity.
WazirX’s Commitment to a Secure and Stable Trading Platform
As WazirX prepares to resume full-scale trading operations, the collaboration with BitGo highlights its focus on creating a secure and reliable trading environment.
By integrating BitGo’s custody services, WazirX strengthens its position as a leading crypto exchange in India and beyond.
The partnership is expected to reinforce user trust, attract new investors, and enhance the overall resilience of the platform in an increasingly competitive market.
With regulatory pressures mounting and cybersecurity threats becoming more sophisticated, this move is seen as a proactive step toward ensuring long-term stability and compliance.
Recent Developments: WazirX’s Recovery Efforts Post-Hack
The BitGo partnership is just one of several initiatives WazirX has undertaken to recover from its recent challenges.
Following a devastating $235 million hack in July 2024, the exchange secured court approval in Singapore to begin repaying unstolen funds to affected users.
Additionally, WazirX has partnered with Zodia Custody, another institutional-grade security provider, as part of its preparations to restart operations.
Meanwhile, WazirX has urged its creditors to accept a new recovery plan, which, depending on a forthcoming vote, could see stolen funds returned as early as April 2025 or as late as 2030.
These efforts reflect WazirX’s commitment to financial recovery, improved security, and long-term user protection in the volatile crypto market.
Also Read: Indian Police Arrest Bengal Man As Suspect In $230 Million WazirX Crypto Hack