According to the Economic Times, Nischal Shetty, co-founder of the WazirX cryptocurrency exchange, has denied leaving the company. Moneycontrol, a local media outlet, said that Shetty and fellow co-founder Siddharth Menon are stepping down from active positions in the bitcoin exchange to focus on other ventures.
According to sources familiar with the situation, the leadership reshuffle could be driven by Binance’s desire to bring its own leadership team, allowing WarizX to weather increasing competition from other large Indian exchanges. Back in 2019, the crypto giant purchased the leading exchange. Shetty will continue to lead WazirX with chief technical officer Sameer Mhatre, the exchange’s third co-founder.
Earlier this month, Shetty launched Shardeum, a new blockchain that promises to address the scalability trilemma by enabling high and inexpensive transactions while maintaining a suitable amount of decentralisation. To accomplish this feat, the Ethereum Virtual Machine-compatible blockchain employs sharding technology. Existing blockchains, according to Shetty, will not be able to withstand widespread adoption.
