WazirX is India’s most trusted cryptocurrency exchange, also enabling Indians to build up their digital assets by buying, selling or investing in other crypto-assets, such as Bitcoin, Litecoin, Ethereum, Ripple etc. In addition to supporting the leading cryptocurrencies, WazirX also announced the launch of India’s own digital asset, WRX. Within merely 20 days of the pre-signup process, WRX clocked in over 80K user signups.
Powered with the vision of involving every Indian in the burgeoning Blockchain economy, WazirX offers users with a simple yet powerful interface with real-time open order books, charting, trade history, deposit & withdrawals to trade and invest in some of the world’s best performing digital assets.
Nischal Shetty is the Founder & CEO of WazirX. Nischal is a software developer turned entrepreneur. In his current undertaking, Nischal is responsible for the overall strategy, product, and marketing at WazirX.
In an interaction with IncubateIND, Nischal Shetty talks about the future of cryptocurrency in India. Read On!
Tell us something about yourself and what does WazirX do?
I’m a software developer turned entrepreneur. My first product Crowdfire has over 20 Million users now, making it one of the largest social media management product in the world. WazirX is the second product and our aim is to make it India’s largest and most trusted cryptocurrency exchange. I was part of India’s first ever list of Forbes 30 under 30 entrepreneurs. I’ve scaled my company as a bootstrapper to millions in revenues, have raised millions in venture capital and now I’m recreating all that with WazirX.
WazirX is a cryptocurrency exchange built specifically for India. Our objective is to provide Indians with the easiest and cheapest way to buy Bitcoin, Ethereum, XRP and other cryptos. We’ve been growing very fast and in under 6 months of launch we’re now the fastest growing cryptocurrency exchange in the country.
What is the future of cryptocurrency in India?
Bright, very bright. We’re just getting started with cryptocurrency in India. A very very small percentage of the online population of India has touched cryptocurrencies. As it reaches the massed, and as adoption increases, we’ll see a deeper and better penetration of cryptocurrencies in the country.
While it took the US online audience about 5 to 6 years to mass adopt cryptocurrency, India will need just 18 months to get a wider and larger adoption. It’s just a matter of time before the crypto revolution spreads like wildfire in our country.
How can cryptocurrency and blockchain technology play a role in building social and solidarity finance?
I see cryptocurrency as the great leveler of opportunity for everyone. If you consider past asset classes such as land for example, you had to buy large chunks of them in order to obtain ownership. Similarly, if you wanted to invest in a startup, you needed to be an accredited investor and you can be an accredited investor only when you have a large sum of money.
However, thanks to crypto, you can now buy any digital asset that you believe in and in any quantity (even in fractions) based on your purchasing capacity.
How blockchain and artificial intelligence together can help businesses gain a competitive edge?
While AI is the online version of “brain”, Blockchain is the online version of “trust”. So while AI is helping us build smarter systems, Blockchain is helping us bring in trust between these systems. There are innumerable use cases one can think of when these two combine.
You could have two AI systems share data amongst themselves using Blockchain. And they can trust this data to be secured and non manipulated since it’s part of the blockchain.
Are there specific industries that you think Blockchain will disrupt in future? (Please give valid reasons)
Blockchain is going to eventually disrupt every industry imaginable but the most obvious one it’s already disrupting is finance. This is because for the first time ever, online digital assets can be created using blockchain. This has led to the masses investing into these digital assets globally. Never before was a regular Internet user able to invest in the potential of a new product. Blockchain technology has changed all that and made it possible today.
Why do you think the governments across the globe are nervous about cryptocurrencies?
I don’t think that generalization is correct. There are enough countries such as Japan, France, Germany, South Korea and even the United States that are warming up to crypto and are laying out regulations for the same. Eventually, like every new tech, other countries will follow suit and adopt. New advancements in technology take time for adoption. We’ve seen that with PCs, Internet, Mobile and now we’re seeing that with cryptos.