WazirX, a cryptocurrency exchange has appointed Zodia Custody as its new custodian on March 17th, nearly nine months after suspending operations due to a $235 million hack. Zodia Custody with the support of institutions such as Standard Chartered and Northern Trust, will help WazirX secure user assets and ensure compliance as it prepares to restart operations.
As this announcement comes just two days ahead of the voting process for the scheme of arrangement for the cryptocurrency platform, which is tentatively scheduled from March 19-28, 2025.
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, highlighted that Zodia Custody is excited to support WazirX’s relaunch. He stated that with their knowledge of supporting institutional clients and a strong commitment to a compliance-first strategy, they aim to enable WazirX and its users to interact with digital assets while protecting money and following local regulations.
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Nischal Shetty WazirX co-founder stated that as the exchange prepares to resume operations it becomes crucial to have partners that share its commitment to safe and effective asset management. He stated that combining this with solid insurance coverage is crucial and that WazirX intends to collaborate with major custody providers to build trust and confidence in its platform.
Zodia Custody is recognized by financial institutions and crypto service providers globally. With its SOC 1 Type I and SOC 1 Type II certifications, the platform ensures that assets are maintained apart and no co-mingling of client funds.
Also, WazirX announced on March 13 that it has teamed up with BitGo Trust Company to improve the security of customer assets. This agreement follows a $230 million loss due to a cyberattack last year. BitGo's institutional-grade security services are being used by WazirX to improve asset safety on the platform and win back user trust.
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BitGo Trust Company, Inc. is a regulated custodian of digital assets that provides institutional clients with infrastructure, financial services, and robust security measures. WazirX highlights that BitGo offers multi-signature wallets, strong security policies, and up to $250 million in insurance coverage, ensuring a higher level of protection for digital assets.
