WazirX, launched this year is one such project in India’s Blockchain Ecosystem. Founded by Nischal Shetty, Sameer Mhatre & Siddharth Menon, WazirX is a cryptocurrency exchange that has begun operations by listing BTC, ETH, LTC & XRP. In a space entrenched with players like Koinex, Zebpay & Unocoin, WazirX seeks to differentiate itself with the issue of WRX tokens as a means to reward early adopters and users of the platform. It also claims to have an extremely secure and scalable infrastructure.
Here, We had an opportunity to talk with Nischal on how he first encountered cryptocurrencies, his plans regarding WazirX and other discussions involving the cryptocurrency space in general.
I was part of the first ever Forbes India 30 under 30 list in 2014. I’ve primarily been a software developer for a major part of my life. I still get involved in architecture discussions with the team but don’t get the time to do it always.
But I make it a point to travel to one new country every year as I believe traveling and coming in contact with different cultures around the world helps us open up our perspective.
Currently, I’m on a mission to involve every Indian in the Blockchain revolution.
You can read all about this and more here – https://medium.com/wazirx/
Nischal: We want to be India’s largest and most trusted crypto exchange. Trust comes with transparency and that’s exactly what we’re doing. We regularly update our tribe members with articles like these ( https://medium.com/wazirx/
We believe we can be the largest if we share our success with our users. This is why we launched WRX coins that we’ll list on WazirX in the future. We’re giving away 150 Million WRX to our tribe for helping us bring in the right customers.
Collective inclusive growth is what the Blockchain is all about. We’re embracing it big time with the WRX program of WazirX. No other exchange ever cared to share it’s success with it’s users. I think that’s against the very philosophy of Blockchain.
Nischal: I think the Government needs more time to figure out the way ahead and that’s expected considering there’s not enough information. I respect the fact that the government hasn’t gone in for a knee-jerk reaction to cryptos. That could drastically affect our future chances of being a top crypto nation.
I believe in our Government and it’s ability to formulate laws such that the common man succeeds while fraudsters are punished. I’m expecting a more nuanced legislation and one that has room to evolve as the Blockchain space evolves globally. I also believe the Government should involve more of us in this process. I’ll be happy to help them if I’m approached. I’m letting you know since I’m not really connected to anyone in the Government. If the right people read this then it can be helpful to the entire crypto community in India.
I hope to see our country become a leading crypto nation. That will help us leapfrog India into a superpower some day.
Nischal: I believe decentralized exchanges are the future and every exchange has to eventually adopt it. It will be an oxymoron if the world of Blockchain is surrounded by centralized exchanges. However, I don’t believe the infrastructure/product for decentralized exchanges has reached a mature stage yet. But, I believe that’s going to change very soon. When it does improve, WazirX will start work on a decentralized exchange as well.
Nischal: I don’t want to influence any cryptos. I, however, believe in Bitcoin for being the innovator in this space. I love the technology behind it and I admire Satoshi Nakamoto for giving us Bitcoin!
ICOs are a double-edged sword. While there are fraudsters out there scheming on how to take away investor money, I would like to talk about the advantages of an ICO for both, entrepreneurs as well as investors.
However, there has to be the better law around ICOs so as to protect investors. Several countries are working towards setting up regulatory frameworks for ICOs. Once these come in, we’ll see an even greater user interest in ICOs as they would be better protected against fraud. Regulation would also help bring in more companies to ICO as a lot of them are still standing on the sidelines and watching this space. Many aren’t jumping in due to the lack of a regulatory framework.
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