The co-founder of a well-known Indian crypto exchange named WazirX, Nischal Shetty, has negated abandoning the platform, as reported by The Economic Times. A native media outlet, Moneycontrol, reported that the co-founder was resigning from the roles thereof at the exchange, along with Siddharth Menon (another co-founder), to move towards the other projects.
While referring to the sources that have an acquaintance with the subject, it was also mentioned by the report that the leadership rearrangement could be resulted due to the desire of Binance to bring its leadership group to create a possibility for the WazirX to make it more challenging for the rest of the prominent Indian exchanges.
The crypto giant purchased the chief exchange in 2019. Nonetheless, Shetty will still be a working person in the respective company in parallel to Sameer Mhatre (the chief technology officer as well as the exchange’s third co-founder).
Playing two roles
In the early period of the current month, Shetty declared Shardeum (an exclusive blockchain targeting to provide a solution for scalability trilemma through offering cheap as well as high transactions while guaranteeing a significant extent of decentralization. The respective blockchain, which is compatible with Ethereum Virtual Machine, achieves the particular capability by utilizing sharding technology. Shetty considers that the already present blockchains will not possess the ability to meet the overwhelming crypto adoption.
The respective project, having been worked on since the November of the previous year, is scheduled to start a beta version till this year’s denouement. The development of it will be run by the funds generated from trading a part of the local shard tokens to the individual investors.
As per the statement that WazirX shared, Shetty has the intention to keep working on the respective exchange notwithstanding the attention toward Shardeum. The statement reveals that he will drive both Shardeum as well as WazirX. However, in the early days of the present month, Shetty stated to spend more time on the latest project thereof.
Menon to have a passive part
In parallel to this, it has been asserted by The Economic Times that Menon will shift towards a passive role till 2020’s end. Menon, presently providing services as the chief operating officer at the venue, will step toward the Web3-related ambition thereof as he recently declared Tegro (his project for gaming).