A new custodian developed by India-based crypto company WazirX is in the final stages of development for its first launch on Polygon (MATIC), a scaling solution, Layer 2 for Ethereum (ETH).

WazirX will introduce a non-custodian exchange

According to Siddharth Menon, co-founder and CEO of WazirX, which already operates one of India’s largest centralized exchanges, his own version of the custodian is expected to be lost sight of this month after a delay earlier this year.

The company aims to better position itself to respond to increasing competition from decentralized exchanges (DEXes) and is an important part of its vision for easy access to products. Various decentralized finances (DeFi) for Indians.

The exchange, which was acquired by Binance in 2019, says it has seen greater exposure from financial institutions to cryptocurrencies since 2020, especially when compared to the bull market, mostly retail in 2017.

And while institutional interest has increased, this is just the beginning, the company said, stating that it expects the volume to grow 10-15x as more institutions join.

“If we continue to grow in this way, even stock market size could be called into question,” Menon said, adding that “next year will be a very exciting time for institutional participation.”

What does the CEO of WazirX think about the ongoing institutional and regulatory fever?

Commenting on the regulations, Menon acknowledged that this is a global challenge and India is no exception in this regard.

“India is particularly cautious about this emerging market,” said the co-founder of WazirX, noting that the Indian government is more interested in “getting a better understanding of the market.”

Menon said: “We expect positive regulations in this area to protect the interests of investors,” he said. Referring to previous reports, Menon said India’s Treasury Department is working with industry leaders to develop a regulatory framework for digital assets.

Previously, India reportedly considered banning cryptocurrencies, although the country later turned around and decided to regulate the new asset class instead.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page