Tag: Nischal Shetty

Crypto exchange WazirX’s founders move to Dubai; but ‘it’s business as usual’ at Indian HQ

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Co-founders of India’s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have shifted base to Dubai, Business Today reported quoting sources.

Sources said that the two have moved to Dubai with their families even as WazirX continues to operate from its headquarters in Mumbai.

WazirX employees free to work from anywhere

At present, all employees of the cryptocurrency exchange, which is backed by Binance, are working remotely. Another co-founder and chief technology officer Sameer Mhatre continues to operate from India, the report said.

Also read: At IMF meeting, FM Nirmala Sitharaman warns of crypto misuse in terror financing

When contacted by CNBC-TV18, a company spokesperson said it had not shifted its headquarters from India.

“We are a remote-first organisation with employees in over 70 locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience, unless they are required to travel officially. WazirX is headquartered in Mumbai and there is no change in any of our operating procedures. It is business as usual,” the WazirX spokesperson told CNBC-TV18.

New projects

Shetty and Menon have reportedly stepped away from active daily operations at WazirX to focus on new projects, Moneycontrol had reported earlier.

In February, Shetty had announced he was working with US-based crypto innovator Omar Sayed on a project called ‘Shardeum.’ The same month, Menon said he would be launching Tegro, a Web3 game ecosystem marketplace, with game development firm SuperGaming.

Life after crypto tax

There has been a lot of chatter around brain drain after the Indian government announced a 30 percent tax on virtual digital assets from April 1 this year in addition to the 1 percent tax deductible at source. The tax has resulted in a significant drop in trading volumes in cryptocurrency exchanges.

Also read: Crypto is like ‘casino’ & gains should be taxed at 50%: Ex-Bihar FM Sushil Modi

Adding to investors’ woes, the government has said companies could not set off losses on virtual digital assets against profits. Crypto mining has also been brought under the tax net, which drew severe criticism from the industry players.

In recent years, several Indian entrepreneurs have shifted their businesses to crypto-friendly jurisdictions despite the steep cost of setting up shop in those countries.

Also read: Why was Coinbase’s crypto payment service suspended days after its India launch?

In 2018, crypto exchanges ZebPay and Vauld moved to Singapore. Other companies like CoinSwitch Kuber and CoinDCX are also registered in Singapore. Polygon, founded in India, shifted to Dubai, while Mudrex set up shop in the US in 2019.

Countries like the US, Dubai, Singapore, Mauritius, and the Cayman Islands have legalised cryptos, making them hotspots for crypto innovators and influencers.

“The lack of clarity on what the crypto regulatory framework will look like is making investors rethink their decision to make India the base for launching crypto platforms and products,” Shilpa Mankar Ahluwalia, Partner and Head-FinTech at Shardul Amarchand Mangaldas & Co told CNBC-TV18.

Also read: ‘No sale, no profit, no tax’: Some crypto traders plan to put portfolios on hold for years

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: M2P Fintech acquires BSG ITSOFT, Siddharth Menon & Nischal Shetty to step away from WazirX’s daily ops, Udaan lifts one year ESOP cliff & Airbnb posts $55 mn 4Q profit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

M2P Fintech acquires core banking platform BSG ITSOFT

API infrastructure company M2P Fintech has signed a definitive agreement to acquire BSG ITSOFT, a core banking solutions provider. The deal size, however, remains undisclosed. The acquisition further bolsters M2P Fintech’s approach to providing a new generation cloud-native platform and positions M2P Fintech to offer a fully integrated banking and payments stack that is built on API-first infrastructure, the company said in a statement.

“The heightened action around Fintech over the past few years is anything to go by, it is likely to grow unabated over the next couple of decades. Globally we are witnessing new and relevant technologies disrupting every aspect of financial services and we realised the core banking system is the nucleus of all things Fintech.

Given that Central banks around the world are building out CBDC, besides all the work that’s happening around the broader applicability of Blockchain in financial services, we felt it was opportune to build a Core system that can act as a bridge between the legacy infrastructure and the future,” said Madhusudanan R, co-founder and CEO of M2P Fintech.

WazirX’s Siddharth Menon & Nischal Shetty launch their own ventures, to step away from day-to-day operations

WazirX co-founder and COO Siddharth Menon is launching his own venture Tegro – a Web3 ecosystem marketplace, along with game development firm SuperGaming. “Mobile games disrupted the games industry and Web3 games could be an even bigger disruption,” said Siddharth. “Web3 games will be the next paradigm shift in gaming, opening new economic and creative opportunities for players, and have the potential to unlock a 2 trillion-dollar market.”

Tegro’s roadmap includes a marketplace, SDKs, and APIs crafted by a founding team with deep experience in making games and designing marketplaces with high liquidity, the company said in a statement.
Menon, meanwhile, will step away from the daily operations of WazirX to focus on his new project, sources told CNBC-TV18.

A WazirX spokesperson said “Siddharth sees this as a natural extension of his role in contributing to and furthering the crypto landscape. He will continue to be associated with WazirX in a passive capacity for now.”

Not just Menon, Nischal Shetty Founder, and CEO has also launched an open-sourced blockchain project, Shardeum, earlier this month.

“This decentralized project is Nischal’s further foray into the blockchain sector, over and above his role of being at the helm of WazirX,” the spokesperson added.

Meanwhile, Shetty has refuted the speculations of him moving out from the company to focus on his new project. The WazirX CEO took to Twitter to say, “Getting queries if I’m transitioning out of WazirX. If I intend to, YOU will hear it from me first, and not from sources.”

WazirX is a cryptocurrency marketplace with over eight million users and billions in monthly volume. The firm was acquired by Binance in 2019.

Blockchain-based and NFT-based gaming firms are gaining traction in India and are becoming one of the key trends in the sector in 2022.

Udaan lifts one year ESOP cliff, employees can now vest every quarter

B2B e-commerce platform Udaan has removed the one-year cliff on employee stock option plans (ESOPs) that mandated people to wait for a year before vesting their stocks, allowing all future ESOP allocations to vest every quarter.

As a part of the revamp, the company also announced that, every employee at Udaan, regardless of their tenure or job profile will be allotted ESOPs under their Annual Performance cycle. Further, these ESOPs will vest at a quarterly frequency and be completely vested within a two-year period as compared to the usual industry norm of four years.

Following these changes, the overall number of ESOP holders in the company has grown by 400 percent and now covers its complete employee base. This announcement comes after Udaan raised $250 million through convertible notes and debt funding to further grow and capitalize on the growth opportunity that the Indian eCommerce market offers.

The company said it has invested more than Rs 4,000 crores in the past 12-18 months across different pillars of business – people, technology, supply chain, category, credit, compliance – to accelerate and strengthen capabilities.

Edtech unicorn LEAD announces ESOP liquidation plan of $3 million

Edtech unicorn Lead School has announced a $3 million Employee Stock Options Plan (ESOP) liquidation programme for its employees. The announcement comes after LEAD secured Series E funding of $100 million from WestBridge Capital. The company said that it has distributed ESOPs to approximately 20 percent of its employees.

“Our success would not have been possible without the relentless efforts of our teams. I’m delighted that we are in a position to offer significant wealth creation opportunities to those who have joined us on our mission to provide an excellent education to every child. We have also included our Alumni in the Liquidation Plan because they continue to remain ambassadors of LEAD,” said Sumeet Mehta, Co-founder and CEO, LEAD.

Hero Vired launches faculty ESOPs to retain talent

Edtech firm Hero Vired has launched a faculty ESOP programme to reward and retain talent. Under the program, all full-time faculty members and teaching assistants – who have completed six months with the startup, will be eligible for the buyback scheme, it said in a statement. The program will also be extended to new faculty members as and when they meet the stipulated requirements.

The total ESOP pool has been capped at 10% of the total valuation of the startup. A total of 10 full-time faculties have collectively been granted ESOPs worth around Rs 50 lakh. The startup expects this number to hit Rs 10 crore in the coming 3-4 years.

“Our ESOPs program is our dynamic approach to attracting, rewarding, and retaining top talent. The Hero Vired employee stocks will hit 20x valuation in three years, and as we prepare for our IPO in the next 5-6 years, their valuation will rise further,” said Akshay Munjal, Founder, and CEO, Hero Vired.

Intercity mobility startup zingbus launches premium lounges

Intercity mobility startup, zingbus, has launched premium lounges across Indian cities including Delhi, Manali, and Ahmedabad. These premium lounges offer a clean and accessible place for people to rest comfortably while waiting for their buses.

They are different from the traditional methods where people used to wait in long lines and unsafe places for their rides. The new space offers them safe and comfortable seating and other amenities, the firm said in a statement. zingbus aims to launch 30 lounges across cities in India by the year 2022.

Dangal Games partners with Gridlogic

Skill-based gaming platform Dangal Games announces a strategic partnership with technology services group Gridlogic. The partnership brings together Dangal Games’ high-on-feasibility gaming portfolio and Gridlogic’s best-in-class technology solutions, which include its most advanced game hosting platform, the firm said in a statement.

With player liquidity under control, Dangal Games users will now be able to play online rummy in a seamless fashion. “As part of the partnership, Dangal Games aims to propel its presence in the gaming world by making the launch of online rummy on our multi-gaming app a success. Gridlogic’s years of experience in developing state-of-the-art game hosting platforms will certainly play a crucial role in building a strong rummy brand under our banner,” said Varun Mahna, founder and chief executive officer of Dangal Games.

Battery Smart concludes 1 million battery swaps, expands to 10 cities

Battery-swapping network for electric two and three-wheelers, Battery Smart has achieved the milestone of 1 million paid battery swaps on its energy infra network. In addition, the company said it has expanded its services to 10 cities in India, including Noida, Gurugram, Faridabad, and Panipat.

Battery Smart aims to make EV adoption simple, economical, and accessible in the country. According to the company, its data-driven methodology and battery telematics have enabled it to grow exponentially. With over 4000 registered drivers on its platform and over 200 operational swap stations, the company claims to have powered 30 million emission-free kms till date.

Twitter integrates Paytm to boosts its tips feature in India: Reports

Twitter has tied up with digital payments and financial services firm Paytm to boost its tipping feature in India. Individuals will be able to link their Paytm account to their Twitter handle, enabling users to directly send money to them through the tipping feature, as per reports.

Users can enable this feature by editing their profile and then turning on the tips option, following which a tips icon starts appearing on their profile. People who intend to send money can tap this icon and select their preferred payment option to complete the transaction. The company does not take any cut from these payments.

GLOBAL TECHNOLOGY & STARTUP NEWS

Meta’s Facebook to pay $90 million to settle privacy lawsuit over user tracking

Facebook has agreed to pay $90 million to settle a decade-old privacy lawsuit accusing it of tracking users’ internet activity even after they logged out of the social media website, Reuters reported. A proposed preliminary settlement was filed on Monday night with the US District Court in San Jose, California, and requires a judge’s approval. The accord also requires Facebook to delete data it collected improperly.

Users accused the Meta Platforms unit of violating federal and state privacy and wiretapping laws by using plug-ins to store cookies that tracked when they visited outside websites containing Facebook “like” buttons. The settlement covers Facebook users in the United States who between April 22, 2010, and September 26, 2011, visited non-Facebook websites that displayed Facebook’s “like” button.

Zuckerberg says Nick Clegg to take a new role as president of Global Affairs
Meta Platforms boss Mark Zuckerberg said in a post on Wednesday that Nick Clegg will take over as president of Global Affairs. Clegg has previously worked on the Facebook-parent’s content policy, elections and the establishment of the Oversight Board.

SoftBank mulls $8 billion margin loan as part of Arm IPO: Report

SoftBank is asking banks vying to be part of a potential listing of Arm Ltd to underwrite a margin loan of about $8 billion, Bloomberg News reported. Earlier this month, SoftBank sought to list Arm after scrapping plans to sell the company to US chipmaker Nvidia in a deal valued at up to $80 billion.

Britain’s Arm, which named a new chief executive last week, said it would go public before March 2023 and SoftBank CEO Masayoshi Son indicated that would be in the United States, most likely the Nasdaq. The margin loan financing will be linked to Arm’s initial public offering (IPO) stock and is one option under consideration, according to the report. For Arm, banks are planning to pitch IPO valuations of more than $50 billion.

Shopify sees slowing revenue growth, higher spending

Canada’s Shopify forecast a slowing pace of revenue growth in the first half of the year and said it was ramping up spending on a network of fulfillment centers, sending its shares tumbling 18%. As per Reuters, the company’s forecast indicated the e-commerce boom seen during the peak of the COVID-19 pandemic was cooling as more shoppers return to stores, prompting retailers to shift their focus to brick-and-mortar operations from online.

In their quest to make the online-shopping experience more rewarding during the pandemic, small and medium retailers splurged on spiffy websites, robust networks and faster delivery using software tools and payment services provided by companies such as Shopify. But as that growth softens, Shopify is trying to create an integrated e-commerce model that focuses on logistics and warehouses to support its main businesses.

Shopify said it was estimating capital expenditure of $200 million in 2022 as it ramps up operations and was likely to spend about $1 billion on warehouse hubs in the following two years. For the fourth quarter ended Dec. 31, revenue rose 41% to $1.38 billion, compared with analysts’ estimates of $1.33 billion, according to Refinitiv data. Excluding items, it earned $1.36 per share, 9 cents above estimates.

Airbnb posts $55 million 4Q profit, revenue above 2019

Airbnb reported a $55 million profit for the fourth quarter, reversing a huge loss a year earlier, as its revenue soared above pre-pandemic levels. The San Francisco-based short-term-stay company said bookings surged in small and towns and rural areas, and improved even in urban areas, which were hit hardest earlier in the pandemic.

Airbnb hosts were also able to raise prices. The average daily rate in late 2021 was $154, a 20% jump from a year earlier and 36% higher than the same quarter in 2019. The company cited strong demand for rentals in North America and an ongoing shift toward customers booking entire homes and vacation destinations where prices are usually higher.

Airbnb said the omicron variant of COVID-19 had less effect on bookings and cancellations than last year’s delta variant. Virus cases are still at high levels in the United States, but the San Francisco-based company said summer bookings made by the end of January were running 25% ahead of the same time in 2019, before the pandemic.

The fourth quarter marked Airbnb’s second straight profitable quarter and compared with a loss of $3.9 billion in late 2020. Earnings equaled 8 cents per share. Revenue rose 78% over a year ago and 38% over the same quarter in 2019 to $1.53 billion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WazirX’s Siddharth Menon & Nischal Shetty launch their own ventures, Menon to step away from daily ops: Spokesperson

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

WazirX co-founder and chief operating officer (COO) Siddharth Menon is launching his own venture Tegro – a Web3 ecosystem marketplace, along with game development firm SuperGaming.

“Mobile games disrupted the games industry and Web3 games could be an even bigger disruption,” said Siddharth, “Web3 games will be the next paradigm shift in gaming, opening new economic and creative opportunities for players, and have the potential to unlock a $2 trillion market.”

Tegro’s roadmap includes a marketplace, SDKs, and APIs crafted by a founding team with deep experience in making games and designing marketplaces with high liquidity, the company said in a statement.

Also Read: Companies must pursue innovation, focus on becoming sustainable, more responsible: Wipro CEO

Menon, meanwhile, will step away from the daily operations of WazirX to focus on his new project, sources told CNBC-TV18. A WazirX spokesperson said, “Siddharth sees this as a natural extension of his role in contributing to and furthering the crypto landscape. He will continue to be associated with WazirX in a passive capacity for now.”

Not just Menon, Nischal Shetty Founder, and CEO has also launched an open-sourced blockchain project, Shardeum, earlier this month.

“This decentralized project is Nischal’s further foray into the blockchain sector, over and above his role of being at the helm of WazirX,” the spokesperson added.

Also Read: Twitter is expanding its auto-blocking Safety Mode feature; here’s what you need to know

Meanwhile, Shetty has refuted the speculations of him moving out from the company to focus on his new project. The WazirX CEO took to Twitter to say, “Getting queries if I’m transitioning out of WazirX. If I intend to, YOU will hear it from me first, and not from sources.”

WazirX is a cryptocurrency marketplace with over eight million users and billions in monthly volume. The firm was acquired by Binance in 2019.

Blockchain-based and NFT-based gaming firms are gaining traction in India and are becoming one of the key trends in the sector in 2022.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Official digital currency will kill cryptocurrency: Ex-finance secretary SC Garg

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s cryptocurrency ecosystem is on tenterhooks after government proposes to prohibit private cryptocurrencies through legislation in the upcoming winter session of parliament. The details of the bill are still awaited and sources say the cabinet did not take it up at its meeting today (Nov 24).

The union government says the proposed law aims to create a facilitative framework for the creation of an official digital currency by the reserve bank of India. The government also said the law aims to “prohibit all private cryptocurrencies.”

Read Here: Most cryptocurrencies will not survive; pose same problem as unregulated chit funds: Raghuram Rajan

So how should India deal with cryptocurrencies to discuss this CNBC-TV18 spoke to former finance secretary SC Garg who led a panel that proposed a total ban on all cryptocurrencies.

According to Garg, the time for digital currency has come.

“We must introduce a digital currency that is the first aspect which this bill also talks about – that the government and the RBI will come up with a digital version of the currency. If that digital version of the currency comes in my judgement, the private cryptocurrency or private digital currencies automatically will go away,” he said.

Read Here: Explained: Why was bitcoin trading cheaper in India today compared to global prices?

Exemptions in cryptocurrencies

The former finance secretary said that the proposed bill, as it states,  will have some exemptions.

“Platform services, like seen in many clubs, malls, etc., can that be exempted so that the system works. The payments will also get made within that platform using that currency. But that would be a very difficult call to take. It is a complex system, something like this will have to be done. So I think we will have to carefully consider what is to be exempted and if we can figure that out well I think solving the problem for its use as currencies outside the system, or outside the platform would be far easier,” said Garg.

What the 2019 draft bill proposed

The bill sought to “prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country. Under the bill, mining, holding, selling, issuing, transferring or use of cryptocurrency is punishable with a fine or imprisonment of up to 10 years or both.

It went on to add that a person must declare and dispose of any cryptocurrency in his possession within 90 days from the commencement of the act.

Garg explained that in 2019 the other aspects of cryptocurrencies like assets etc. were left unsaid.

“That was the weakness in that bill. Now since in the last two to three years, we have learned much more about the versatility and the utility of blockchain technology in creating lots of assets and other services. You can’t simply say that cryptocurrency equals the entire cryptocurrency ecosystem that will have to be separated. Treating the entire thing as a currency will be a big tragedy, it will be a big loss for the nation and not only investors,” he said.

For the full interview, watch the accompanying video

Also Read: Around 15-20 mln people in India hold crypto assets worth $4-5 billion: WazirX

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Around 15-20 mln people in India hold crypto assets worth $4-5 billion: WazirX

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s cryptocurrency ecosystem is on tenterhooks after government proposes to prohibit private cryptocurrencies through legislation in the upcoming winter session of parliament. The details of the bill are still awaited and sources say the cabinet did not take it up at its meeting today (Nov 24).

The union government says the proposed law aims to create a facilitative framework for the creation of an official digital currency by the Reserve Bank of India. The government also said the law aims to “prohibit all private cryptocurrencies.”

Nischal Shetty, Founder & CEO of WazirX believes that if the government bans cryptocurrencies then it will have to consider some important factors.

“The first important thing is there are about 15 to 20 million people in India, holding about $4 to 5 billion worth of crypto. So the first question is what happens to all of this wealth and how do they handle it?” he said.

He also warned of a massive brain drain risk.

“With work from home, I think developers and startups will have to move out of the country and find somewhere else to go and work out,” he warned.

“India will lose out on massive skill development because blockchain and crypto technology skill set is one of the fastest-growing job sectors today. So we lose out on all of that.” he added.

The crypto market is thought to be worth around $3 trillion.

“If India will not be able to participate, (it will) lose out on that market as well and that is probably the conclusion if we go really towards a ban of this new technology,” said Shetty. 

What the draft bill of 2019 proposed

The bill sought to “prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country. Under the bill, mining, holding, selling, issuing, transferring or use of cryptocurrency is punishable with a fine or imprisonment of up to 10 years or both.

Read Here: Cryptocurrency bill: Law makers don’t want competition with INR, say experts

It went on to add that a person must declare and dispose of any cryptocurrency in his possession within 90 days from the commencement of the act.

It would be interesting to see how the government balances the view of the Supreme Court which had struck down the 2018 RBI circular which had banned all regulated banks from holding or facilitating cryptocurrency transactions. A 3 judge bench of the SC said the rbi circular was disproportionate and unreasonable.

For the full interview, watch the accompanying video…

Also Read: Don’t panic sell or short sell cryptocurrencies: Zebpay’s Avinash Shekhar

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WazirX founder Nischal Shetty’s #IndiaWantsCrypto campaign completes 1,000 days amid hopes of conducive regulatory oversight

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The #IndiaWantsCrypto campaign, started by cryptocurrency exchange WazirX’s Founder Nischal Shetty to create awareness about cryptocurrencies, today completed 1,000 days. 

The campaign was started on November 1, 2018, following the 10th anniversary of the publishing of the Bitcoin whitepaper. The paper was published by its pseudonymous founder Satoshi Nakamoto on October 31, 2008.

It also came in the wake of the Reserve Bank of India’s April 2018 ban on cryptocurrency dealings in India.

As part of the campaign, Shetty put out at least one tweet a day, talking about interesting facts about cryptocurrencies and outlining his take on various aspects pertaining to the industry.

“There had been a growing misunderstanding of crypto as a safe haven for bad actors, or a threat to fiat currency. These myths led people to fear crypto investments, while the thought of addressing these fears drove me to launch #IndiaWantsCrypto campaign on Twitter in November 2018,” Shetty said. 

“We needed to educate people on the basic classifications of crypto to debunk their fears and showcase how we can truly make a huge difference by empowering our citizens with critical tools for their financial freedom. Citizens could embrace cryptocurrency investments and ride the growth of the blockchain revolution in India. The vision has been to stay persistent in educating the community on the critical takeaways from this truly transformative technology,” the WazirX Founder added.

In fact, an RTI query revealed that even the RBI did not undertake any research before effectively banning cryptocurrencies in India.

Over the past 1,000 days, the campaign has garnered lakhs of likes and retweets, and helped generate a conversation that culminated in the government saying that it is considering bringing in a bill to regulate cryptocurrency and will likely not ban it altogether, as some media reports speculated.

Shetty began the campaign by tagging Prime Minister Narendra Modi and the then Finance Minister, Late Arun Jaitley. The campaign met with no formal acknowledgement by the government initially. On Day 303, BJP MP Rajeev Chandrashekhar asked the WazirX founder to reach out to him with his views.

The campaign got a fillip after the Supreme Court lifted the RBI’s banking ban on cryptocurrencies in March 2020. The lifting of the ban coincided with a vertical take-off in the price of cryptocurrencies after the pandemic hit.

Shetty, however, continued his campaign even as WazirX saw interest in cryptocurrencies go through the roof. In April 2021, Shetty tweeted that customer sign-ups in the first six days of the month were more than the sign-ups in the first six months of 2020.

“We’re confident of our success so far, and about the road ahead. The market has begun to truly understand how we see this as a silver lining to promote the growth of the Indian crypto community and ensure we keep motivating the entrepreneurs, blockchain experts and investors invested in this space. With the government and community backing us, we can bring in the regulations and awareness we need to build the foundation of what we now call Internet 2.0 and stay ahead of the curve,” Shetty said. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Crypto sell-off: Crucial to see where is market headed, says WazirX

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

There was a massive sell-off in cryptocurrencies yesterday led by a 30 percent drop in bitcoin, which hit the lowest level in three and a half months. Nischal Shetty, Founder & CEO of Wazir-X, shared his views.

“There is panic selling. For those who entered the market anytime in 2020, it is seen as a time to book some profits. There have been people who have been entering the ecosystem in the last two three months for whom this looks to be a buying opportunity that they were waiting for on the sidelines,” he said.

“This kind of traffic is unprecedented in any of the financial products out there. So interesting time overall and it is going to be important and crucial to see where the market goes in the next couple of weeks to understand whether we are going into a downturn or this is more of a temporary blip before the higher peak,” he added.

For the full interview, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sitharaman’s comment on cryptocurrency is a positive sign: Wazir-X’s Nischal Shetty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Nischal Shetty, founder and CEO of Wazir-X, on Monday said Finance Minister Niramala Sitharaman’s comment that India is looking at crypto is a very positive sign for the industry overall because until now.

“There was not enough clarity on what exactly some of the statements meant that were being circulated around and now we have more clarity,” he said.

There are multiple classifications of cryptocurrency and Central Bank Digital Currency (CBDC) comes under currency, he said.

“Traditional systems already have people with years of experience into them whereas the crypto ecosystem is new, so it is like a level-playing field for the young generation and they find this to be a very good way to build a career out of it.”

“We have over 10 million people in India. You can see the size of the market, it is a very young population of the country which is going towards this as a way for them to learn because it is very exciting. 22-28 years old ones are the largest audience in this sector,” Shetty said.

“In the last few months, India has seen tremendous growth in this sector. The demand of bitcoin in India is way higher than the amount of supply that is available in the market,” he mentioned.

For more, watch the video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow