Being Crypto


WazirX Co-Founders Nischal Shetty and Siddharth Menon Step Away from Active Operations

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.

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