{"id":114206,"date":"2019-09-22T19:37:15","date_gmt":"2019-09-22T19:37:15","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=114206"},"modified":"2019-11-21T23:06:15","modified_gmt":"2019-11-21T23:06:15","slug":"india-last-cryptocurrency-exchange-wazirx-nischal-shetty","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/india-last-cryptocurrency-exchange-wazirx-nischal-shetty\/","title":{"rendered":"One of India’s last standing cryptocurrency exchanges\u2014WazirX’s Nischal Shetty [INTERVIEW]"},"content":{"rendered":"

Nischal Shetty, founder of WazirX<\/a>, shares his story building one of the only crypto exchange left standing in a country hostile to cryptocurrency.\u00a0<\/span>By engineering the first auto-matching P2P engine he was able to dodge regulatory pressure that shuttered many other major exchanges in India.<\/span><\/p>\n

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Nishchal Shetty<\/figcaption><\/figure>\n

Nischal, tell us about your journey starting WazirX?<\/strong><\/p>\n

\u201cNischal: I\u2019ve been a believer in blockchain for many years, but it wasn\u2019t until 2017 that I went <\/span>down the blockchain rabbit hole.\u201d<\/span><\/p><\/blockquote>\n

…<\/span><\/p>\n

\u201cI tried using Indian cryptocurrency exchanges and my experience was pretty <\/span>disappointing. I felt that the products lacked good UX and transparency. Having <\/span>built Crowdfire\u2014a social media management product with 20 Million users\u2014our <\/span>team well understood what it takes to build and scale a global tech product out of <\/span>India.\u201d<\/span><\/p><\/blockquote>\n

…<\/span><\/p>\n

\u201cWe love challenges, and decided to build WazirX\u2014a cryptocurrency exchange for <\/span>India which offers world-class UX, transparency and trust. WazirX is available on Web, <\/span>Android, iOS in India and around the world.\u201d<\/span><\/p><\/blockquote>\n

What is your opinion on the shut-down of Indian exchanges Koinex and Zebpay?<\/strong><\/p>\n

\u201cNischal: The news of Koinex and Zebpay shutting down was unfortunate for the Indian <\/span>cryptocurrency ecosystem. But when you look at the bigger picture, you\u2019ll see that <\/span>crypto is here to stay forever.\u201d<\/span><\/p><\/blockquote>\n

…<\/span><\/p>\n

\u201cIt\u2019s the next big revolution after the Internet.\u201d<\/span><\/p><\/blockquote>\n

…<\/span><\/p>\n

\u201cRegulatory uncertainties require exchanges to adapt accordingly and I'm proud that <\/span>we did exactly that at WazirX. When the banking ban came into effect we were the <\/span>first exchange to launch an innovative P2P solution. This gave us a huge boost and <\/span>helped us quickly become India's largest and most trusted crypto exchange.\u201d<\/span><\/p><\/blockquote>\n

What are your struggles in currently operating WazirX? How are you dealing with challenges which made Koinex\/Zebpay exit the Indian market?\u00a0<\/strong><\/p>\n

\u201cNischal: Companies have their own life cycles and their own set of reasons to start or stop <\/span>their business. At WazirX, we\u2019re fighting hard for cryptocurrency regulations in India. <\/span>I\u2019ve been running a Twitter campaign called #<\/span>IndiaWantsCrypto<\/span><\/a> for 320 days. Many <\/span>people have joined this campaign, and it\u2019s been picked up by journalists and <\/span>influencers globally.\u201d<\/span><\/p><\/blockquote>\n

…<\/span><\/p>\n

\u201cWe\u2019re continuously innovating and launching features that will help us bring the <\/span>next million people into cryptocurrency. WazirX crypto-to-crypto trading is already <\/span>available for all countries. We have also launched our one-of-a-kind P2P system in eight <\/span>new countries.\u201d<\/span><\/p><\/blockquote>\n

What is your opinion on the current crypto bill which is circulating on Indian media?<\/strong><\/p>\n

\u201cNischal: I strongly believe that the recent report by the inter-ministerial committee (IMC) is fundamentally flawed and doesn\u2019t understand crypto principles. Blockchain is a nascent technology, and Indian government should involve the crypto industry of India in understanding it, and follow the lead of developed nations like Japan, and the U.S. Banning is not a solution.<\/span><\/p><\/blockquote>\n

Here are some key points about the report:<\/span><\/i><\/p>\n