WazirX Teams Up With BitGo To Strengthen Security And Safeguard User Funds

The Indian cryptocurrency exchange WazirX has partnered with BitGo Trust Company to improve the security of user assets. This deal comes after a cyber attack last year costing $230 million. WazirX is using BitGo's institutional-grade security to restore user trust and improve asset safety.

BitGo Trust Company, Inc. is a regulated custodian of digital assets that offers institutional clients infrastructure, financial services, and security.

WazirX states that BitGo offers multi-signature wallets, strong security policies, and up to $250 million in insurance coverage. Active since 2013, BitGo has secured over 1,100 cryptocurrencies, including the top 100 by market capitalization. The company has been involved in the Indian market since 2017 and has experience managing funds for major insolvency cases like Mt. Gox and FTX creditors.

Before the July 2024 attack, WazirX collaborated with Liminal, a digital asset custody provider but both parties eventually blamed each other for security flaws.

WazirX founder Nischal Shetty stated that user trust and fund safety are the company’s top priorities. He added, “By partnering with BitGo, we are taking a decisive step towards rebuilding confidence in WazirX. Their expertise will not only enhance the security of funds but also facilitate a transparent and efficient process for distributing funds to creditors.”

Earlier, Zettai Pte Ltd, WazirX’s parent company, it was announced that the voting for the Scheme of Arrangement is tentatively scheduled to take place from March 19 to March 28, 2025. Within 10 business days of approval, the first token distribution to creditors will take place with the aim of a speedy recovery.

According to WazirX, the company is restructuring, and the partnership with BitGo is aimed at bolstering its security infrastructure. BitGo's involvement is expected to encourage strict security standards and provide additional safeguards. Once trading begins, investors may expect a more secure and steady trading environment.