WazirX Reveals To Issue Recovery Token To Settle Creditor Debts, Shares Strategies To Maximize Fund Recovery

Share This Post

WazirX News

The post WazirX Reveals To Issue Recovery Token To Settle Creditor Debts, Shares Strategies To Maximize Fund Recovery appeared first on Coinpedia Fintech News

Indian Crypto Currency Exchange WazirX which was recently hacked for over $230 million, in a latest X post has revealed plans to issue a Recovery Token to settle outstanding debts with creditors.

Recovery Token for Outstanding Debt Settlement

The official announcement said that the token will be airdropped to Creditors proportionate to their balances on the platform.

The exchange noted that the recovery token will offer a path to recovery through Future platform profits, New business initiatives, Realization of Illiquid Assets held by third parties, Recoveries from stolen assets, and Potential capital from White Knight proposals. 

The exchange noted key use cases of Recovery Token which include: 

Buybacks, which aim to boost creditor recoveries and capture market movements. With Additional Liquidity, tokens can be traded in the open market for early access to funds, offering flexibility and a chance to capture immediate value.

WazirX Outlines Strategies To Maximize Fund Recovery-

In another post, the exchange outlined four major strategies to maximize fund recovery. The crypto exchange also announced plans to launch a native DEX token and enable Recovery Token swaps for Creditor benefits.

Reopening Trading Platform

The first initiative will see WazirX reopen its platform for trading, allowing users to resume trading and potentially driving up trading volumes. It underscored that the Fees generated during this period will be shared with Creditors, creating a stream of recovery for them.

Diversification Of Revenue Streams

Secondly, WazirX plans to diversify its revenue streams by introducing new products and services. These include a decentralized exchange (DEX), staking options, an over-the-counter (OTC) desk, and futures trading.

The exchange noted that the DEX will aim to merge “the user-friendly experience of centralized exchanges with the security of self-custody,” creating a system that emphasizes both accessibility and security. 

The focus would be to encourage users to provide liquidity through rewards, ensuring smooth trading. It would feature an intuitive interface for easy onboarding and engagement. It also revealed plans to launch a native DEX token and enable Recovery Token swaps for Creditor benefits.

Staking Feature-

Through the new staking feature, users get an opportunity to earn rewards through blockchain network support. Users would be able to deposit tokens into our staking pool or directly use staking smart contracts across multiple blockchains. Staking rewards will be proportional to investment, subject to a nominal fee.

OTC And Futures Trading

An OTC Desk will be designed for large-scale crypto transactions, ideal for institutional investors and high-net-worth individuals.

It also plans to enable Futures Trading on the platform allowing users to speculate on future crypto price movements with leverage options, and amplify gains (or losses) by entering into contracts to buy or sell assets at a predetermined future price. 

Recovery of Illiquid/Stolen Assets

The exchange also noted ongoing efforts to pursue legal actions to reclaim illiquid and stolen assets actively, ensuring they are secured for Creditors’ benefit. 

White Knight Proposals

Finally, it revealed exploring ongoing White Knights proposals, who can offer rescue financing and strategic collaboration. It noted that such partnerships could provide additional funding and support for Creditor recoveries.

The exchange has appreciated the WazirX community’s unwavering support and patience as they implement these recovery initiatives. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Massive Bitcoin Short Liquidations Send BTC Above ATH – Trump Win Sets A Bullish Environment

Bitcoin surged to new all-time highs during election night, hitting an impressive $75,300 as market excitement reached a fever pitch This milestone pushed Bitcoin into price discovery, igniting

Boom or Bust? Research Shows Only 3% of Meme Coins Survive

Meme coins are the current rave in the crypto industry However, question marks remain over their long-term viability Meme Coins: Next Big Thing or Exit Liquidity for Cabals Meme coin traders, hold

Record-Breaking Bitcoin Surge Post-Trump Election: Futures Market Hints At More To Come

The futures market is signaling that the current Bitcoin rally, spurred by Donald Trump’s recent election victory on Tuesday, might be starting According to Vetle Lunde, head of research at K33

Solana (SOL) Breakout, $260 the Next Target?

The post Solana (SOL) Breakout, $260 the Next Target appeared first on Coinpedia Fintech News Solana (SOL), the world’s fourth-largest cryptocurrency by market cap, is poised to reach an all-time

Polymarket’s accurate forecast of Trump win highlights gaps in mainstream media, pollsters

Polymarket, a decentralized prediction market, called President Donald Trump’s victory hours before major media networks made projections, highlighting the accuracy of market-driven insights By

Elizabeth Warren Clinches 3rd Term, Defeats Crypto Advocate John Deaton

Democrat Elizabeth Warren will serve her third senate term, beating John Deaton, a well-known crypto advocate Warren, a progressive Democrat, was projected the winner by the Associated Press