India’s leading cryptocurrency exchange WazirX acquired by global cryptocurrency exchange Binance is now looking for a new management team to oversee its operations.
According to sources its co-founders Nischal Shetty and Siddharth Menon have stepped away from the company’s day-to-day active operations. Now both Nischal Shetty and Siddharth Menon are focusing on their new projects.
Both co-founders have now stepped away from active operations and they will be only associated with advisory roles. The third co-founder and CTO Sameer Mhatre is still in his current role.
These changes in WazirX have come at a time when the whole cryptocurrency is facing a tough time, and the rivals Coinswitch and CoinDCX are becoming unicorns. The Indian government has announced to impose a 30% tax on income from virtual digital assets in the recent Budget.
The government is giving mixed signals related to the future of cryptocurrencies in India. After imposing a 30% tax on cryptocurrency the trading volume has hit badly. Recently RBI Governor Shaktikanta Das has said that the cryptocurrency is a big threat to India’s macroeconomic stability and investors betting on it are doing it at their own risk.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.