Even though at a snail’s pace cryptocurrency market in India is growing. A large number of investors have been drawn into the large space of cryptocurrency and investing their time and valuable money in crypto trading. In a still-growing crypto environment, an exchange like WazirX is making lives easier for the holders, through its various options to buy, sell, and trade Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Tron (TRX), Bitcoin Cash (BCH), and more.
Bitcoinworld caught up with WazirX CEO and co-founder Mr.Nischal Shetty who shed light on various aspects of cryptocurrency.
How has cryptocurrency grown, in your view, ever since the ban was uplifted in India?
The Supreme Court’s verdict on crypto has been positive for the ecosystem. It has allowed crypto exchanges including WazirX to enable banking channels for INR deposits and withdrawals. With banking channels now open, it has made it easier for Indians to enter crypto. Due to the banking ban, Indians had to use P2P which was successful for WazirX but the banking channel will be even more successful as it’s more convenient for users. Since the ban removal, our trading volume has grown by over 470%, and our signups have grown by 185%. With a population of 1 Billion, the Indian market is a sleeping giant. This positive verdict will further boost crypto adoption in India.
There have been a lot of cases of crypto fraud in the country. What can be done to eradicate it?
There are bad actors and fraudsters in every domain. The reason people fall for scams or frauds is because of their greed for free money. As a community, we need to be cautious. Before investing in a project, it’s always better to do your own research, read about the project whitepaper, stage of completion, founding team, etc. I’d also like to add that as a part of the IAMAI, we’re working on a code of conduct for cryptocurrency companies in India. The code of conduct will help curb the illegal activities as well as scams.
Tell us more about the WazirX DEX.
Currently, we’re building WazirX AMM-based DEX. AMMs have transformed the process of exchanging tokens without order books. What makes AMMs so special is the fact that it enables a decentralized exchange of tokens! Decentralization is at the core of everything we do at WazirX. We strongly believe in a decentralized future. DeFi is bringing in financial equality and financial access to everyone in the world. After having made it easy for Indians to access Crypto, WazirX now plans to make it easy for Billions of Indians to participate in the DeFi ecosystem. We aim to onboard everyone in India to the DeFi revolution.
When was the first time you were introduced to cryptocurrency? How did it all start for you?
I’ve been a blockchain believer for many years. However, I got serious about crypto when centralized social networks like Twitter and Instagram started cutting off API access. I realized that you cannot depend on centralized companies because they can change the rules of the game anytime they want. I’m determined to contribute towards the growth of the global decentralized ecosystem.
Then in 2017, I also tried using Indian cryptocurrency exchanges and was disappointed with the UX and lack of transparency. Having built Crowdfire, a social media management product with 20 Million users, we understood what it takes to build and scale a global tech product out of India. We love challenges and decided to build WazirX – a cryptocurrency exchange that offers people world-class UX, transparency & trust.
Your take on Mr.Garg’s comment which said crypto can be used as a commodity in India?
I’m glad that we had a dialogue with Mr. Garg in July. I believe that open discussions like these will help India come up with the right crypto regulation. With the pandemic-induced economic troubles becoming more apparent, alternative assets like Bitcoin and other crypto are gaining popularity among investors globally. Referring to crypto as a commodity is progressing in the right direction.
What is your vision with WazirX?
Our vision is to make crypto accessible to everyone in India. To make it happen, we need to spread more knowledge and awareness around crypto. We’re also partnering with ed-tech startups and educational institutes in India to educate and train young professionals and students in crypto.
We all need to collectively work together to educate the masses and create more awareness around crypto. There is plenty of myth and misinformation surrounding crypto, and all of us should work towards squashing it.
What do you think the future of cryptocurrency in India looks like?
Slowly, more and more people are becoming aware of crypto, and wanting to pursue a career in Blockchain. Positive regulations will give a big push to crypto adoption in India with more startups building projects on the blockchain.
With tech giants like JP Morgan, and PayPal jumping on the crypto bandwagon, within the next few years, crypto will become mainstream, and we’ll see more and more use cases of crypto come to life. The future is exciting!
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