WazirX Co-founder Denies Leaving the Company

The co-founder of WazirX, Nischal Shetty, has denied abandoning his duties in the exchange for another project. 

Shetty Denies Leaving WazirX

Shetty, who serves as the CEO of WazirX, was accused by a local news outlet of leaving his active role in exchange to focus on a new blockchain project named Shardeum. But Shetty has denied this, claiming to still be working actively with the Binance-backed exchange. 

According to him, he’s dividing his time between the two projects. Shetty announced the launch of Shardeum earlier this month. The new blockchain project seeks to solve the scalability issue by offering cheap and fast transactions while also ensuring decentralization. 

Shardeum is an Ethereum Virtual Machine compatible blockchain that uses sharding technology.

The beta version of the project is set to be launched by the end of this year and it will be funded by selling some native tokens to private investors. 

In a statement from WazirX, Shetty remains with the exchange even as he’s focused on the new project. This is contrary to the report from Money Control that Shetty and another co-founder, Siddharth Menon, will be leaving their active roles in the exchange to focus on the blockchain project. 

Another co-founder, Sameer Mhatre, the current Chief Technology Officer, will remain an active part of the company. Shetty went on to state the exchange now has several senior executives with expertise in various areas of operation. 

One top WazirX Executive to Become Less Involved in Running the Firm 

While Shetty and Mhatre will remain active, Menon, the current COO for the exchange, plans to transition into a passive role by the end of 2022. He recently announced a game project known as Tegro.

In his words, “I’m not going to walk away right away, but slowly. I think we have a very strong team working on some interesting things while I focus on new markets and try to grow the Web3 ecosystem in India.” 

Presently, the crypto industry in India is facing scrutiny from the government as it drafts regulatory actions for the sector. The government recently announced a 30% tax on digital assets starting from April 2022 and they are also currently drafting regulations for the crypto sector.