Wazirx is preparing for a high stakes reboot after a major security breaches and partners with Zodia Custody to enhance the security of its assets and rebuild user trust.
Wazirx is preparing for the high stakes renewal. Will the new security be preserved?
Indian Crypto Exchange Wazirx is preparing to resume operations after a major security breaches that compromised the platform and led to major financial losses. Following the hack, Exchange implemented stricter compliance measures and overhauled its security infrastructure to prevent future incidents. On March 17, Wazirx announced that it had appointed Zodia Custody as an official custodian supported by financial institutions such as Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank (NAB) and Emirates NBD. The partnership aims to enhance asset security and regulatory compliance as Wazirx moves towards a reboot.
Zane Suren, managing director of MEA commercial director at Zodia Custody, highlighted the importance of the partnership, saying:
Zodia Custody is proud to partner with Wazirx for the planned renewal. Providing knowledge about the support of institutional clients and commitment to a compliance-first approach will enable Wazirx and its users to seamlessly engage with digital assets in a way that protects capital and complies with local regulations.
Wazirx co-founder Nischal Shetty also highlighted the role of a trusted partner in ensuring a safe comeback for the exchange. He added:
We want to ensure we are partnered with the industry’s best custody rights that provide solutions to build trust and trust.
In response to the hack, Wazirx has strengthened its security measures and risk management framework to restore user trust. With Soc 1 Type I and SoC 1 Type II certifications, Zodia Custody ensures that client assets remain isolated and protected from potential threats. With these enhanced safeguards in place, Wazirx has placed itself as a safer, transparent exchange to prepare for the scheduled renewal.
Last week, Wazirx announced that Singapore-based entity Zettai Pte Ltd. will partner with BITGO to enhance fund security and restructure its user trust. Zettai, currently restructuring at the Singapore High Court, has selected Bitgo Trust as a regulated custodian due to its track record of protecting digital assets since 2013.
