WazirX launches crypto futures trading as exchange pushes recovery after $230 million hack

WazirX, an Indian cryptocurrency exchange, has officially launched futures trading on its platform, marking a significant milestone nearly seven months after resuming operations following a devastating $230 million cyberattack. This incident had severely impacted trading activities and withdrawals, prompting the exchange to undertake a comprehensive recovery plan. The new futures trading service offers competitively low fees, with a maker fee of 0.02% and a taker fee of 0.04%. According to WazirX, these rates are the most affordable among Indian crypto exchanges, and users are not required to meet any minimum trading volume to benefit from them. This initiative aims to revitalize user engagement and rebuild the company’s operations in the aftermath of the cyber incident. Nischal Shetty, the founder of WazirX, emphasized the significance of this launch, stating, "Futures trading in India has usually meant high fees unless you are a large-volume institutional trader. We have changed that baseline." He further noted that new traders on WazirX Futures will enjoy the same fee structure as institutional traders on many other platforms, highlighting the exchange's commitment to fostering a more inclusive trading environment. In a departure from conventional crypto derivatives platforms, WazirX enables users to trade directly in Indian rupees, eliminating the need for conversion into stablecoins like USDT. To promote responsible trading practices, the exchange will also implement a mandatory knowledge test that covers critical topics such as leverage, margin, and liquidation risks before users can start trading futures. Revenue generated from futures trading is set to support WazirX's ongoing restructuring efforts. Additionally, profits from this new venture will aid in further recoveries for eligible creditors holding recovery tokens, complementing the 85% fund distribution that has already been initiated. The exchange plans to roll out futures trading in phases based on liquidity, risk management protocols, and the readiness of its users.