certify
Home arrow Article arrow Article Detail

Successively a Cryptocurrency business in India is no easy deed

Profile Image

Vandana Mrigwani

CBW -External Analyst

INDIA

Apr, 20 2021

Apr, 20 2021

likes 0 | comments 0

Article Image

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. 


likes 0 Likes | comments 0 Comments

Profile Image

Vandana Mrigwani

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.