NISCHAL SHETTY WAZIRX CEO EXCLUSIVE INTERVIEW WITH DEFIREV.COM

This week DeFiRev.com caught up with Nischal Shetty, the talented CEO of WazirX, India’s largest cryptocurrency exchange.

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What a year! Congrats on all of your success thus far Nischal and to the whole WazirX Team! Tell us about how this year has been for you through your eyes.

This year has been pretty great. We kicked off the year with WRX IEO and listing on Binance Launchpad. The crypto banking ban was struck down by the Supreme Court of India, and it was a huge win for the ecosystem. We also launched Blockchain for India fund with Binance to support Indian entrepreneurs trying to build in this space. Looking back, our team has done quite a lot of work within these 6 months. Coronavirus has been a bummer though, and I hope we get out of this pandemic soon.

How did you first get into bitcoin & cryptocurrencies?

I’ve been a believer in blockchain for many years, but it was in 2017 that I went down the blockchain rabbit hole. It’s when centralised social networks like Twitter and Instagram started cutting off API access, that I got serious about Crypto. I realised that you cannot depend on centralised companies because they can change the rules of the game anytime they want. The global decentralised ecosystem is very nascent right now but I’m determined to contribute towards its growth so that someday decentralisation becomes a way of life on the internet.

In 2017, I also tried using Indian cryptocurrency exchanges, and was disappointed with the UX and lack of transparency. Having built Crowdfire, a social media management product with 20 Million users, we understood what it takes to build and scale a global tech product out of India. We love challenges, and decided to build WazirX – a cryptocurrency exchange which offers people world-class UX, transparency & trust. WazirX is available on the Web, Android, iOS in India and around the world.

What sort of growth do you expect for WazirX this year?

Ever since the Supreme Court verdict, we’re seeing a steady growth in our user signups. Moreover, the nationwide lockdown has given people more time in hand to read more about crypto which leads them to WazirX to buy crypto for the first time. We are also seeing a monthly average growth of 66% in our monthly trading volume. So overall, I’m optimistic about our growth.

China largely fueled the first bullrun for bitcoin in 2013, and in 2017, Japan and South Korea did the same. I think India is next. What do you think?

Absolutely! With a population of 1 Billion, the Indian market is a sleeping giant. There are more than 5 Million crypto users in India. Positive regulation will further boost crypto adoption in India.

You were very wise to develop WazirX as a principally mobile-focused app, that was great foresight. The WazirX App is great by the way. What other trends do you forecast?

India being predominantly mobile heavy as a country, it was important to get the mobile apps to be lightweight and simple to use. We’re glad that WazirX mobile app is the highest rated crypto exchange app in the country today.

While it’s hard to predict trends, I see the need to make crypto products as simple as possible in order to gain the attention of mass audiences. 

DeFi is growing fast and I believe it’ll attract millions of users in the next couple of years. 

Please share with our viewers, who may not know, the latest updates in terms of crypto regulation in India. What’s your take?

Currently, the Internet and Mobile Association of India (IAMAI) is working on a code of conduct for cryptocurrency companies in India. We have a draft version ready and are working on updating the guidelines in line with the technology changes that have happened in the last few years. The code of conduct lays out a guideline for KYC/AML and other regulatory-related features. We look forward to helping our government formulate the right crypto regulations for the country.

Do you think digital assets can help to bridge the gap between the huge disparity of wealth distribution in India? 

Definitely! For the new younger generation, digital assets are the opportunity to be early participants. If you look at traditional assets such as Real Estate, Gold etc., we’re too late to the party there. But digital assets are new, unknown, difficult to understand. As an early mover, you can have an edge here. Decentralised aspect of digital assets is yet another positive point that ensures everyone gets equal opportunity to participate in this innovation. 

What has been your favorite moment in crypto history thus far?

It has to be the Supreme Court’s crypto verdict. It was a long fight of 2 years. The verdict was over 100 pages long, and it was amazing to see that our judge bench had done a thorough research on the subject. It also implies that as a country, India is pro-innovation.

When you’re not working, what do you like to do for fun? What are your favorite hobbies?

I like to read and learn new stuff. I like to travel, however, the pandemic has put a temporary stop to that. I’ve been brushing up on my software coding skills during the lockdown. 

What are a few of your favorite books?  What are some that have made a long-lasting impact on you?  (Can be fiction or nonfiction)

The Godfather was one of those books that I read during my college days which made me think about work, ethics and code of conduct as a businessman. 

More recently, it was good to read Sapiens to gain perspective about the progress we’ve made as a species. The Anarchy by William Dalrymple is yet another book I enjoyed reading and learning from. 

What has it been like working so closely with Changpeng Zhao, another instrumental and widely revered figure in the space, and Binance?

It’s been amazing! CZ has a ton of experience and it shows in the way he makes decisions (fast). I’ve been picking up a lot of learnings from the way he’s set up Binance team and the way teams within Binance function.

I’m applying those learnings to WazirX product and team. We’ve grown 10X in under 6 months of getting acquired by Binance. The learnings and support we’ve gotten from CZ, Wei (Binance CFO) and team has been very helpful in helping WazirX achieve this explosive growth.

Is there anything you would like to share, unveil, or tease in terms of new features or releases for our viewers regarding WazirX this year?

We’re working on some amazing things, and will unveil to our users very soon!

DeFi has taken the world by storm this year. What excites you the most about DeFi?

DeFi allows anyone, anywhere in the world to participate and build financial products. It has been the dark horse of crypto. Having grown over 600% in 2019, I’m confident that DeFi is poised to grow even faster this year. For India to be able to participate in DeFi, we need positive crypto regulations. It will help hundreds & thousands of Indian devs to build their own DeFi apps. It is the future and I’m planning to learn as much as I can. 

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Nischal, thanks so much for taking the time to do this interview! You are truly a pioneer and so many in the world now look up to you as a true leader and role model.

On behalf of DeFiRev.com and all of us in the sector, we wanted to say thank you for advancing the space.

On the WazirX website it says under your name that “He’s on a mission to involve everyone in the blockchain revolution!” We love that! 

We’re on a mission to involve everyone in the DeFi Revolution!  And it’s coming…

-The DeFi Rev Team

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