Popular Indian crypto exchange WazirX has joined forces with renowned digital asset service provider Zodia Custody in a strategic partnership to revamp its crypto service operations and provide users with seamless, clear distinctive asset ownership.
The latest partnership comes eight months after the prominent exchange suffered a security breach and lost $235 million to hackers, which the crypto firm blamed on its former service provider, Liminal Custody. WazirX decided to suspend trading operations as the exchange could not sustain a 1:1 collateral with customer assets.
Trusted by major financial institutions and headquartered in London, Zodia Custody is a digital asset platform that integrates technology with innovation for institutional clients in line with regulatory compliance.
WazirX is Back
Speaking on the latest partnership and the imminence of bridging the gap between trust and confidence, Nishal Shetty, co-founder at WazirX, said:
“As WazirX gears up to revive its momentum, the need for trusted partners who share our commitment in an agile and secure management system, combined with dependable insurance coverage becomes urgent, we want to ensure that we partner with the very best in the industry’s custody providing solutions to build trust and confidence.”
At a time when institutional adoption of digital assets is seeing momentous growth, financial service providers seek partnerships that can efficiently manage digital investments while adhering to regulatory guardrails.
A Strategic Partnership
Zodia Custody’s Managing Director, Commercials, MEA, sees it as an honor to work with WazirX, noting:
“We are proud to partner with WazirX for the much-anticipated relaunch. Providing our knowledge of supporting institutional clients, and commitment to a compliance-first approach, we will empower WazirX and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulations.”
Meanwhile, the hacked exchange has been on the path to restarting trading, staking, and over-the-counter transactions with the launch of a new decentralized exchange to boost security as it strives to accelerate liquidity.
