How this 36-year-old coder built India’s largest crypto trading exchange (via CNBCMakeIt)
There was a large gap in the way international exchanges operated versus the way Indian exchanges operated."My first start-up was all about social media management. If you had your Twitter account, your Instagram account, you could manage it from a single place," said Shetty, who started his first business in 2010, shortly after completing his computer science degree., took off.
Sameer Mhatre, Nischal Shetty and Siddharth Menon, co-founders of Indian crypto trading exchange, WazirX."We had to cut down quite a few features that were creating revenues for us but that was not seen as the right features by these networks," said Shetty. "This is what led me to the whole decentralized ecosystem," he continued, referring to blockchain — a distributed database that is not controlled by any single party or company.Their timing coincided with a boon in cryptocurrencies, and in particular bitcoin. And in 2018, Shetty and his co-founders decided to use their tech expertise to create a blockchain-based platform for crypto trading.
"I realized there was a large gap in the way international exchanges operated versus the way Indian exchanges operated," he continued. "With that, we decided we should build an exchange focused on the Indian ecosystem."Nischal ShettyHowever, weeks after launching, the Reserve Bank of India introduced a ban on crypto-related payments.