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Successively a Cryptocurrency business in India is no easy deed

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Vandana Mrigwani Follow


Apr, 20 2021

Apr, 20 2021

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Just three weeks later Mumbai-based cryptocurrency exchange WazirX launched in March 2018, the Indian central bank forced a blanket ban on virtual coins in the country. The Reserve Bank of India’s (RBI) rounded put crypto exchanges in an unwarrantable position. With investors worrying over the ban, trading volumes on exchanges dropped harshly and some players in India had to shut shop. Cryptocurrency business in india is no easy  deed.


The ban was difficult for exchanges that were previously established and large. As we were just three weeks old, we remained previously at zero levels and we told that we cannot go lower than that. 


Bridging the crypto gap in India 


Shetty was not continuously the new tech enthusiast he is currently. He didn’t trust the internet when it mainly came to consumers in India. 


Earlier in 2017, when he was working with a social media running app Crowdfire, he heard a lot of chatter about cryptocurrency. By the end of that year, much earlier than the bull rally in cryptocurrencies initiated, Shetty had started taking cryptocurrencies seriously. 


So in 2018, along with his earlier colleagues Siddharth Menon and Sameer MhatreShetty created WazirX. 


Crypto craze in India 


While cryptocurrencies were attainment ground in India in 2017-18, Shetty did not want to jump onto the bandwagon without initial research about the demand. The founding trio shaped a website for WazirX and broadcast that the exchange will allocate its own mark, WRX, to those who sign up early with the exchange. 


In its three-year journey, the exchange has gone through numerous ups and downs. But possibly the main high was in November last year when WazirX caught the eye of one of the major global exchanges Binance and got developed. 


Adoption of cryptocurrencies in India 


India’s finance minister Nirmala Sitharaman recently stated that the government would take a “calibrated” method towards cryptocurrencies. 


This also comprises explaining—and convincing—his family what his job involves. In most cases, there are two kinds of people asking queries—those who are interested, and those who see crypto as some kind of threat, or worse, an alternative to the Indian rupee. 


Once a conversation initiates, Shetty says every question transports with it two more. And that is a process he enjoys. Drawing parallels to the early resistance to the internet, Shetty enhances that the lack of information is the main reason why some people are wary of cryptocurrencies. 

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Vandana Mrigwani

CBW - External Analyst


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