- WazirX relaunches after a year, cutting trading fees to zero.
- Restructured under Zettai Pte. Ltd. with phased trading.
- Enhanced security measures utilize BitGo custody services.
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.
WazirX, once India’s largest cryptocurrency exchange, is resuming operations. The relaunch follows a $230 million hack and court-approved restructuring. Resuming with zero trading fees, the process will last until October 27, allowing phased operational recovery. WazirX to Resume Trading with Zero Fees Starting October 24.
Involved entities include Zettai Pte. Ltd., which now operates WazirX following restructuring. While there are no statements from founders, the exchange states, “We are ready to begin the next chapter for WazirX with the platform restart, bringing trading back steadily and completely.” Phased trading includes crypto-to-crypto and USDT/INR pairs. WazirX Restarting Trading After Year-Long Shutdown Due to Hack.
The relaunch affects numerous major cryptocurrencies. These include BTC, ETH, and USDT, indicating a phased return of confidence in the platform. The zero trading fee initiative is likely to draw investors’ attention immediately.
The financial implications include the absence of immediate figures for new funding. Restructuring has occurred with creditor backing. On-chain statistics are not disclosed, though improved asset security with BitGo aims to attract investors. “Our partnership with BitGo aims to provide enhanced asset security, aiming to reassure both retail and institutional clients.”
There are no newly reported comments from government or regulatory authorities following the relaunch. Observations towards how the market responds to this reboot remain uncertain.
Despite the absence of direct influencer comments, comparisons are made with historical exchange restarts. Reliability and liquidity restoration are keywords emphasized by WazirX, critical for regaining user trust.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |
