Trading Volumes Surge Following Platform Restart
Nischal Shetty, founder of the cryptocurrency exchange WazirX, stated that the platform aims to reclaim its position as the market leader following its relaunch last month. The restart comes after a restructuring process backed by a Singapore court and more than a year of legal proceedings.
Shetty reported significant activity on the platform since operations resumed. According to data cited by Shetty, the number of traders on WazirX's spot platform increased by 100 to 111 percent between July and September of this year. During the same period, trading volumes rose by 124 percent.
The founder noted that the exchange is actively working to win back users through improved security measures and governance structures. Shetty emphasized that the platform is prioritizing user experience and education while simultaneously working to unlock frozen assets for its community.
Strategic Pivot to AI and Futures Trading
To drive growth and regain market share, WazirX is betting on new product offerings, including artificial intelligence-powered tools and futures trading. Shetty announced plans to launch an AI assistant designed for natural language crypto trading, allowing users to execute trades through conversational commands.
Additionally, the exchange intends to introduce a subscription-based offering. Shetty stated that these initiatives are part of a broader strategy focused on revenue generation and creditor compensation.
The company is rebuilding its business model following a major security breach in July 2024. The cyberattack resulted in the loss of approximately $235 million, with Shetty reflecting that about 40 to 45 percent of assets were lost nearly two years ago during the incident.
Regulatory Landscape and Future Outlook
Shetty also addressed the evolving regulatory environment in India, discussing the country's new legal position on cryptocurrency. He spoke about how a future Indian Rupee (INR) stablecoin could reshape digital payments within the region.
The founder indicated that WazirX is navigating these changes while attempting to restore trust after the significant financial loss. The exchange's current focus remains on operational recovery and technological innovation to compete in the post-hack landscape.