WazirX co-founder Nischal Shetty clarifies on queries about 'transitioning out'

WazirX's co-founder and CEO Nischal Shetty on Wednesday clarified on queries about him stepping away from active operations at the cryptocurrency exchange company.

Shetty, in a tweet, added that if he intended to step away, people would come to know of the same from him and not from "sources."

Shetty's comments come in the backdrop of a report published by Moneycontrol, which said that he and co-founder and COO Siddharth Menon have stepped away from day-to-day operations and are now focusing on their new projects.

The report, citing sources, also stated that while Menon will continue in a passive capacity, Shetty has moved out of the day-to-day operations. The third co-founder and CTO Sameer Mhatre will continue in his current role as of now, it added.

Meanwhile, the company also denied commenting on reports of the co-founders transitioning out.

Earlier this month, Shetty had announced the launch of his new blockchain project Sharedum to "solve for scalability, decentralisation, and affordability of cryptocurrencies."

"This decentralised project is Nischal's further foray into the blockchain sector, over and above his role of being at the helm of WazirX," the company said in a statement.

Further, Siddharth Menon had also recently announced the launch of his project – a crypto gaming platform called Tegro. "He will continue to be associated with WazirX in a passive capacity for now," the company further stated.

"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. Not only does this open the door for innovation within the sector, but also showcases the scope in creating more start-ups and employment opportunities within the country," the statement added.
 
Founded in 2017, WazirX has grown to be one of the largest cryptocurrency exchanges in India with over 10 million users and acquired by Binance in 2019.