Nischal Shetty and Siddharth Menon, two of the co-founders of WazirX, are planning to focus more on their new ventures. While Shetty will continue as the CEO of the domestic cryptocurrency exchange, Menon will move on to a passive role for now.
Shetty had, earlier this month, launched a breakthrough open-sourced blockchain project, Shardeum, while Menon had recently announced the launch of a crypto gaming platform, Tegro.
In response to a query from BusinessLine, a WazirX spokesperson said Shetty’s new project will be in addition to his role of being at the helm of the crypto exchange. Menon will be associated with WazirX in a passive capacity for now.
Shetty’s role remains as is while Menon will move to an advisory role.
“Earlier this month, Nischal Shetty, Founder and CEO, WazirX, launched a breakthrough open-sourced blockchain project, Shardeum. This decentralised project is Nischal’s further foray into the blockchain sector, over and above his role of being at the helm of WazirX,” said the spokesperson. “Most recently, Siddharth Menon, Co-Founder and COO, WazirX announced the launch of his passion project – a crypto gaming platform called Tegro. An ardent fan of gaming since his college days, Siddharth sees this as a natural extension of his role in contributing to and furthering the crypto landscape,” said the spokesperson, adding that he will continue to be associated with WazirX in a passive capacity for now.
Shetty is the founder and CEO at WazirX, while Menon is the co-founder and Chief Operating Officer. Sameer Mhatre, the third co-founder and CTO of the crypto exchange, continues in his current role.
In a tweet on Tuesday evening, Shetty, however, said: “Getting queries if I’m transitioning out of WazirX. If I intend to, you will hear it from me first, and not from ‘sources’.”
“The crypto space in India is opening up rapidly. The proof of the pudding lies in seasoned entrepreneurs like Nischal and Siddharth turning into serial entrepreneurs by venturing into new businesses within the crypto and blockchain gamut,” the spokesperson further said, adding that not only does this open the door for innovation within the sector, but also showcases the scope in creating more startups and employment opportunities within the country.
Regulatory uncertainty
The development comes at a time when there continues to be regulatory uncertainty over cryptocurrencies in the country as well as a proposed taxation regime that would significantly increase the tax outgo for crypto enthusiasts and traders.
Meanwhile, in a separate statement on Tuesday, WazirX announced the appointment of Nishant Singh as the Head of Legal and Compliance at the company.