Indian Crypto Exchanger WazirX Going to Launch Decentralised Exchange in August

Indian Crypto Exchange WazirX Going to Launch Decentralized Exchange in August

Latest Crypto Updates

Indian Crypto Exchange WazirX Going to Launch Decentralized Exchange in August

WazirX, the country’s largest cryptocurrency exchange by volume is at a sophisticated stage to launch its own decentralized exchange, said co-founder Nischal Shetty.

The co-founder said that a decentralized exchange is like building software where peer-to-peer cryptocurrency trades is facilitated.

In a centralized exchange, fiat will be traded for cryptocurrency.

Trades may be conducted between two cryptocurrencies too. in an exceedingly decentralized exchange, there’s no middle man.

These exchanges are peer-to-peer and supported by smart contacts.

Shetty said that the decentralized exchange is undergoing tests and can be launched next month.

WazirX was, in June, issued a show-cause notice by the Enforcement Directorate that sought explanation regarding transactions worth Rs 2,790.74 crore thanks to interchange violations.

The ED had asked WazirX earlier this month to clarify why “withdrawal from crypto wallets” wasn’t a violation of India’s exchange regulations.

“Because a DEX (decentralized exchange) doesn’t own the info, even the authorities can’t really visit the developer of the exchange and say I need the information,” Shetty told The Economic Times.

A growing number of seven.5 million WazirX users have an interest in trading on a decentralized exchange, he said.

Uniswap, MDEX is a number of decentralized exchanges worldwide.

Indian Crypto Exchange WazirX Going to Launch Decentralized Exchange in August

Download our App Now!!
Click here for the latest updates.
Click here to join the Telegram group

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *