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WazirX to launch decentralised exchange next month
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WazirX cofounder Nischal Shetty
India’s largest cryptocurrency exchange by volume, WazirX, is on an advanced stage to launch a decentralised exchange of its own, cofounder Nischal Shetty said.
Unlike a centralised setup, where an exchange is the custodian of a customer’s cryptocurrency and controls who can or cannot open an account on it, a decentralised exchange operates without an intermediary organisation for clearing transactions. The trades are executed on self-executing smart contracts.
It is like building software where peer-to-peer crypto trades can be facilitated, Shetty told ET.
The decentralised exchange is currently undergoing tests and will be launched next month.