In This article will talk about the CoinSwitch & WazirX Crypto Recovery Program which is one of the major programs that focuses on helping WazirX customers get back their money considering the losses they incurred when the exchange was hacked.
CoinSwitch has announced a recovery scheme of $70 million which allows users to recover their losses in the form of recovery payments in INR as well as crypto.
CoinSwitch’s recovery program aimed at WazirX users is a strategic attempt to capture market share and retain customers, particularly as it seeks to help users affected by the recent troubles surrounding WazirX.
Moreover, that CoinSwitch is making payments in both INR and crypto gives users easier access to their funds, which may increase trust in the platform. Additionally, the two-year cap on payments further reinforces long-term commitment, thereby incentivizing participants to remain engaged for the entire duration of the program.
The stipulated upfront payment in the form of bonus for signing up, along with the referral bonuses, demonstrates more efforts directed at considering new customers.
Attempting to capture a sizable chunk of WazirX’s user base appears to be CoinSwitch’s top priority. Rewarding users with a percent share of the trading revenue based on their losses further incentivizes interaction with the platform.
This program also mirrors the increased optimism in the crypto industry, particularly with the recent increase to other digital assets like Bitcoin. CoinSwitch’s backing from high caliber investors ensures that proper funding is available, which, under the right circumstances, may aid them in overcoming other exchanges in the market.
