New Delhi. Cryptocurrency exchange WazirX is in a lot of discussion today. No one knew about it till about two years ago, but today its name is included in India’s largest crypto exchange. Nischal Shetty, 35, who lives in Mumbai, never thought that his crypto startup WazirX would grow so fast. It was started in the year 2018 by Nischal Shetty, co-founder and CEO of WazirX. From then till the year 2020, there were 1 million users on it and now this year in the month of May alone 1 million new users have been added. Currently the trading volume on Wazir X has reached 35,000 crores per month. Nischal Shetty, Co-Founder and CEO of WazirX talks with News18 Hindi.com about cryptocurrencies and crypto market. So let’s know what Nischal says-
‘Want to invest in bitcoin’
How did WazirX get started? In response to this question, Nischal Shetty says, in the year 2017, I thought of investing in Bitcoin. At that time I went to an Indian crypto exchange, but that platform was so slow and chaotic that it took me a week. By then the value of bitcoin had increased a lot and I could not invest. At that time I felt the need for a systematic crypto exchange, where one could easily trade crypto. After this I told some of my experts about it and started working on it. I made a team of 10 people and then in 2 months got Wazir X ready. Gradually we kept on making it user friendly. As of today, we have a team of 150 people. Looking forward to increasing it further in the coming days. Before crypto startup, I studied engineering from Mumbai and worked in a software company. After that I worked in a startup company like Zomato. Later I quit my job and started my own business. Nischal says, WazirX is my second startup company.
‘Government is in talks about cryptocurrency’Nischal says, the year 2021 has been very good for the crypto market so far. The market will grow rapidly in the future as well. These days the interest of investors about crypto is increasing. Young investors have grown on WazirX for the most 20-30 years. The special thing is that women investors are also included in them. On the other hand the government is talking about this. The government is studying cryptocurrencies and crypto markets. The government is considering regulating it. In today’s date, even the internet is not fully regulated, then this is a new technology. Therefore, it cannot be decided overnight. Regulating crypto can take a long time, but we want the government to issue a guideline. However, in this regard, we have put our words before the government. On the other hand, RBI’s decisions have brought a lot of relief. After this decision, now relief is being given by the bank.
‘Crypto Council has been formed’
According to Nischal, there is a lot of confusion in the world including India regarding cryptocurrency at this time. There is fear among Indian investors, especially about the ban in India. For this, we are telling the importance of cryptocurrency and crypto market to both the government and investors. Nischal says that at present, many exchanges of the country have formed a crypto council together to remove the confusion regarding crypto. Where this council has prepared a guideline regarding mining, transfer and trading of crypto and we are following it. Also, we are taking full care of data safety. There is no guideline regarding this, but keeping in mind the safe investment, we have made our app KYC mandatory. We have shared this with the government as well.
‘The crypto market will be revolutionized just like the Internet’
Nischal believes that in the coming time there will be a revolution in the world of crypto like the Internet. People all over the world are becoming aware of this and many types of programs are being run. Not only this, we are taking education initiative to make people aware. Where they are told about it in detail. Recently we have launched the NFT marketplace for Indian artists to sell or buy their digital art. Similarly, we are inventing new ways in the future as well.
‘Crypto Mining Market Uses Renewable Energy’
Cryptocurrency is based on Blockchain technology. There is controversy around the world regarding mining of crypto. For this reason crypto has been banned in many countries including China. On this Nischal says that there is no danger in mining cryptocurrencies. Crypto mining is done through a software program that anyone can easily run. A puzzle has to be solved in this. For this, computers are running all over the world and electricity is being consumed. If we look at this point of view, then no technology works without electricity. The good news is that the bitcoin mining industry uses 30% renewable energy. Which is 10% ahead of other industries in terms of renewable energy.
‘Keep these things in mind before investing in cryptocurrency’
Nischal says that there are some important things to keep in mind before investing in cryptocurrencies. As such, do a thorough investigation before investing. Where is the registered address of a crypto exchange and whether it is incorporated under Indian law or not. Also, check which investors have invested their money in crypto exchanges. Also, for what purpose the cryptocurrency you want to invest in has been created.