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Utilities
In a significant development within India's cryptocurrency landscape, WazirX, once the nation's largest crypto exchange, has announced the appointment of Zodia Custody as its official custodian. This strategic partnership is crucial as WazirX prepares to relaunch its operations nearly nine months after a major hack led to its shutdown.
WazirX faced a massive setback when it was forced to cease operations following a $234.9 million cyberattack in the latter part of 2023. The exchange now seeks to rebuild trust with investors by enhancing its security measures and ensuring compliance with local regulations.
Zodia Custody, backed by financial giants such as Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank (NAB), and Emirates NBD, is well-equipped to handle the task. The company boasts SOC 1 Type I and SOC 1 Type II certifications, underscoring its commitment to secure asset management and compliance.
The partnership between WazirX and Zodia Custody focuses on deploying a comprehensive asset management system that emphasizes both agility and security. Nischal Shetty, Co-founder of WazirX, highlighted the urgency of partnering with reputable custodians, stating, "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."
Zodia Custody brings several advantages to the table, including:
The Indian cryptocurrency market has faced several challenges, including regulatory uncertainties and recent setbacks like the WazirX hack. However, the appointment of Zodia Custody as a custodian signals a positive shift towards increased security and compliance.
Zane Suren, Managing Director of Commercial for the Middle East and Africa at Zodia Custody, expressed enthusiasm about the partnership, highlighting their commitment to empowering WazirX and its users through secure digital asset management that aligns with local regulations.
As WazirX prepares to restart operations, it must navigate pending creditors' voting on the recovery scheme. The exchange's decision to replace its previous custodian, Liminal Custody, after a fraught relationship post-hack, suggests a strategic move to bolster trust among investors.
WazirX's appointment of Zodia Custody marks a significant milestone in its journey to restore operations and rebuild trust in the Indian crypto market. By focusing on security and compliance, WazirX aims to revive its position as a leader in India's digital asset space.
