Indian crypto exchange WazirX on May 13 launched futures trading on its platform.

Indian crypto exchange WazirX on May 13 launched futures trading on its platform, nearly seven months after resuming operations following the $230-million cyberattack that disrupted withdrawals and trading activity across the exchange. The company said the futures platform will offer a maker fee of 0.02% and a taker fee of 0.04%, rates it claims are the lowest among Indian crypto exchanges without requiring users to hit any minimum trading volume thresholds. The rollout comes as WazirX attempts to revive user activity and rebuild its business after the cyberattack triggered a lengthy restructuring process and compensation effort for affected users. “Futures trading in India has meant high fees unless you are a large-volume institutional trader. We have changed that baseline,” said Nischal Shetty, founder of WazirX. “A trader starting out on WazirX Futures gets the same fee rate as an institutional trader on most other platforms. The aim is to provide a robust platform with low fees for futures traders,” he added. Unlike many crypto derivatives platforms that require users to first convert funds into stablecoins such as USDT, WazirX said its futures product will allow users to directly trade using Indian rupees. The company is also introducing a mandatory knowledge test covering leverage, margin and liquidation risks before users can access futures trading, as part of an effort to promote responsible participation in crypto derivatives markets. WazirX said revenue generated through futures trading will also support its ongoing restructuring exercise. The company said profits from the new business will contribute toward additional recoveries for eligible creditors holding recovery tokens, beyond the 85% fund distribution already completed. The exchange added that futures trading will be rolled out in phases depending on liquidity, risk management measures and user readiness.

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