Indian cryptocurrency exchange WazirX is set to relaunch after a major security breach, partnering with Zodia Custody to enhance asset security and regulatory compliance. The move comes after the platform suffered a significant hack, prompting an overhaul of its security infrastructure and the implementation of stricter compliance measures to prevent future incidents.
On March 17, WazirX announced that Zodia Custody, a firm backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank (NAB), and Emirates NBD, will serve as its official custodian. This partnership aims to rebuild user confidence by providing institutional-grade asset protection.
Zodia Custody to Ensure Secure Asset Management
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, emphasized the importance of a compliance-first approach in WazirX’s relaunch:
“Zodia Custody is proud to partner with WazirX for their 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 regulation.”
WazirX co-founder Nischal Shetty also underscored the role of trusted custodians in securing the exchange’s future:
“As WazirX gears up to revive its momentum, the need for trusted partners who share our commitment to an agile and secure asset management system, combined with dependable insurance coverage, becomes urgent.”
WazirX’s partnership with Zodia Custody will leverage SOC 1 Type I and SOC 1 Type II accreditations, ensuring that client assets remain segregated and protected from potential threats.
BitGo Partnership to Further Strengthen Fund Security
In addition to its partnership with Zodia Custody, WazirX recently announced that its Singapore-based entity, Zettai Pte Ltd., has joined forces with BitGo, a regulated digital asset custodian.
Zettai, which is currently undergoing restructuring in the Singapore High Court, selected BitGo Trust due to its proven track record in securing digital assets since 2013. This move aligns with WazirX’s broader strategy to implement stronger risk management protocols and reassure users about fund security.
As WazirX prepares for its highly anticipated relaunch, these strategic partnerships with leading custodians position the exchange as a more secure and transparent trading platform.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your own research before making any investment decisions.
Note: This article has been refined and enhanced by ChatGPT.
