WazirX has joined forces with Zodia Custody. The crypto exchange announced on its blog. Zodia Custody is known for its institution-first approach.
Its shareholders include Standard Chartered, Northern Trust, SBI Holdings, NAB, and Emirates NBD. This partnership comes as WazirX prepares to restart its operations.
Strengthening Security and Compliance
WazirX’s collaboration with Zodia Custody aims to enhance security. The exchange is set to benefit from Zodia’s robust asset protection. Zodia Custody upholds high regulatory standards. It operates under several global financial authorities.
The platform is trusted by top institutions worldwide. This move reinforces WazirX’s compliance-first approach. It builds confidence among users and stakeholders alike.
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, expressed pride in the partnership. He said the collaboration would empower WazirX and its users.
Zodia Custody will use its institutional expertise. The goal is to support clients and comply with local regulations. Their commitment to a compliance-first model is clear. The partnership will help users engage with digital assets safely.
A Strategic Move Ahead of Relaunch
WazirX is gearing up for its much-anticipated relaunch. The exchange faces challenges after criticism over its handling of a recent hack. Users voiced concerns about prioritizing security and support. WazirX now takes steps to regain trust.
Nischal Shetty, co-founder of WazirX, emphasized the need for trusted partners. He said the exchange seeks to work with the best custody providers. The partnership with Zodia Custody is a strategic decision. It aims to build trust and restore confidence in the platform.
The collaboration is seen as a turning point for WazirX. The enhanced security measures will protect users’ capital. Zodia Custody’s strong insurance coverage adds another layer of safety.
The decision comes at a time when the market demands reliable asset management. The move is expected to improve WazirX’s standing among users. It is a step toward addressing past shortcomings and moving forward with integrity.
Market Response and Recovery Efforts
The announcement follows significant backlash after WazirX did not handle a major hack with a user-first perspective. The incident raised questions about the exchange’s commitment to security.
In response, CoinSwitch unveiled a recovery initiative. The program is valued at ₹600 crore, or over $70 million. It aims to help users who suffered losses from the hack.
This initiative is part of a broader effort to restore market trust. WazirX’s decision to partner with Zodia Custody is another step in this direction.
The crypto community is closely watching these developments. Many hope the move will lead to better practices. Improved security and compliance can help rebuild user confidence.
Both exchanges and service providers are under pressure to act responsibly. The enhanced measures may set new standards for the industry. WazirX’s partnership with Zodia Custody marks a significant shift in its strategy.
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