ChainCatcher News, Nischal Shetty, the founder of the Indian cryptocurrency exchange WazirX, announced that the company is expanding its business and exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services.

According to Shetty, the decision to launch the DEX is a response to the WazirX security incident in July 2024, when attackers stole approximately $235 million in user funds from the exchange. The latest initiative will help mitigate the inherent counterparty risks associated with centralized platforms. He also revealed plans to launch a corresponding DEX token for platform fee payments and governance tools.