WazirX, India’s one of the top cryptocurrency exchanges is going to step into the decentralized finance (DeFi) industry as the company has announced today that it is getting ready for launching a decentralized finance product. The company has joined hands with the Matic Network which is collaborating with the exchange on the development of this new defi product known as the automated market maker protocol (AMMP).
WazirX to launch the AMM protocol
By launching the Automated Market Maker Protocol, WaziX will make its way into the DeFi sector. The CEO of the WazirX exchange Nischal Shetty has shared relevant details regarding this defi protocol and said that the company is currently working on the development of the AMM protocol. Shetty, however, did not reveal when they will launch the product.
According to Nischal Shetty, the cryptocurrency exchange will firstly release the testnet version of the automated market maker protocol by the end of the month of September 2020 before rolling out the live version of the DeFi product.
Also read:Furthermore, the company has stated the reason behind preferring the Matic Network over others for this task. According to the company, the Matic Network can provide them more scalability than others such as the Ethereum network. Therefore, the cryptocurrency exchange has formed a partnership with this network.
Attracting existing as well as new institutional users via new product
Nischal Shetty says that the basic intention of the company behind developing the automated market maker protocol is to attract the attention of its current users as well as encouraging new institutional investors to join its trading platform via this DeFi product. The cryptocurrency exchange is very hopeful that users will most likely take a part in its liquidity pool as a result of its new initiative.
According to Shetty, the company will not release the new product on the main exchange platform rather it plans to roll it out separately at the moment. But the company will ensure that there remains the most integration between them according to the CEO of the exchange.
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