India’s largest cryptocurrency exchange by trading volume is all set to launch its own decentralised exchange. Next month, this decentralised exchange will be launched as said by Nischal Shetty, the founder and CEO of WazirX.
According to Nischal, the decentralised exchange is undergoing tests and will be launched by next month.
A few months ago WazirX faces a show-cause notice from the Enforcement Directorate (ED). ED issued a show-cause notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. 2790.74 Crore.
Probably this might be the reason WazirX is considering launching its own decentralised exchange.
“Because a DEX (decentralised exchange) does not own the data, even the authorities can’t really go to the developer of the exchange and say I want the data,” Shetty said, adding that the data is available on the blockchain for everyone to see.
Stay tuned with us for more updates on this.
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