TL;DR Breakdown
- India based cryptocurrency exchange WazirX cofounder Nischal Shetty was accused of trying leaving the company
- Shetty recently enageged in developing his blockchain project named Shardeum
- Both co-founders have been involved in other projects besides the exchange.
The co-founder of India-based crypto exchange WazirX, Nischal Shetty, has cleared the allegations of jump shipping the company. The allegations were spurred according to reports that the founders are no longer actively serving in the company and have been onto other ventures other than the exchange.
WazirX’s founders Shetty (CEO) and Siddharth Menon (COO), have taken a passive role in the business, according to recent reports.
“Nischal is overseeing both WazirX and the Shardeum, and he has been at it for almost two years now. Siddharth is still actively involved with the company, and hence, he still runs WazirX as COO,” a senior executive at WazirX told EconomicsTime.
Nischal Shetty clears the air
Shetty has since come out to deny the allegations made. In a previous interview with Economic Times, Shetty mentioned that he would divide his time between the two projects. However, Shardeum will have more of his engagement than the crypto exchange. Shardeum is the new blockchain project Shetty announced early this month on his Twitter profile.
According to news from within WazirX, Shetty has distanced himself from the company’s routine operations and no longer attends BACC meetings, an industry group where he was previously active. However, Shetty said that, in order to grow and develop, the exchange was seeking to add several senior executives with expertise across various areas of operation, such as top management.
WazirX background
The exchange has been on an impressive run since launching its token WRX and the WazirX Pivot program earlier this year. The exchange has trading volumes with a huge number of users actively participating in the Pivot app, which allows investors to earn tokens from major cryptocurrencies, including Bitcoin.
The exchange WazirX was acquired by the global cryptocurrency firm Binance back in November 2019. The acquisition of WazirX saw India become one of the most important markets for Binance, and it has since then been pushing further into Asia’s largest economy to gain a larger market share in an industry that is expected to reach $20 billion.
Meanwhile, the news on WzirX founders comes when the industry is facing increased scrutiny from Indian authorities, who are currently drafting regulations for the crypto sector in India. The cryptocurrency ecosystem in India is currently filled with uncertainty as T-Rabi Shankar, the deputy governor of the Reserve Bank of India, referred to cryptocurrencies as equal to Ponzi schemes. As a result, the Bank of India may take additional measures against crypto.
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