Top executives from Indian cryptocurrency exchanges including Coinswitch, CoinDCX, and WazirX are leaving the centralised environment and entering the decentralised Web3 space. Your digital assets are in the custody of the majority of Indian exchanges, which centralises them by definition. Web3, in contrast, is meant to be the next decentralised internet, which means that, in contrast to the existing internet (Web2.0), all data will be expressly owned by users rather than tech companies.
The exploration of the Web3 sector is taking place as the global crypto market continues to deteriorate and exchange trading activity has decreased by 50% after the implementation of crypto TDS on July 1. Three senior CoinSwitch Kuber executives announced their resignations last week, and they now intend to create their own Web 3 company. Sarmad Nazki, Sharan Nair, and Krishna Hegde, the chief of new initiatives and chief financial officer, respectively, are also included.
Industry insiders predict that Web3, which will be built on blockchain technology, will be the next version of the internet. Crypto exchanges will serve as a conduit for any Web3-based decentralised applications. For instance, any Web3-based gaming platform would need to be monetized, and this may be done by linking it to a cryptocurrency exchange, according to blockchain enthusiast Sharat Chandra.
Executives in the crypto industry have realised that Web3 will become quite popular as we go toward decentralisation. “As consumers become more used to crypto exchanges, they learn about the uses for the currency and transition to the Web3 ecosystems. Rajgopal Menon, Vice President of WazirX, stated: “I believe that what the founders are doing is that they are constantly one step ahead of the users.”
Bitcoin exchange WazirX established two businesses with a focus on Web3 ecosystems. Tegro, a Web3 game ecosystem marketplace, was introduced by WazirX co-founder Siddharth Menon in collaboration with SuperGaming, a game creation company located in Pune. Tegro is developing markets for game assets (game content) so that gamers, traders, and institutional investors may buy, sell, and play with these game assets. Additionally, it will offer asset statistics to aid in better trading and investment.
Additionally, WazirX is constructing the Shardeum blockchain, a rival to existing blockchains like Ethereum and Solana. One of the earliest layer-one blockchains to be developed outside of India is this one. “Making cryptocurrency available to everyone in India was the driving force behind the creation of WazirX. With new, emergent use cases like NFTs, DeFi, metaverse, and more, the cryptocurrency business has developed into something more over time. The existing scaling problems must be resolved for Web3 to gain widespread adoption, which is why Nischal Shetty, the founder of Shardeum, made the decision to create Shardeum, a very scalable blockchain that is genuinely decentralised.
CoinDCX, a cryptocurrency platform, is not behind. CoinDCX Ventures, an investment programme that would finance early-stage cryptocurrency and blockchain firms, had been introduced by the exchange. The platform wants to invest Rs 100 crore in companies over the following 12 months and would concentrate on the Web3 ecosystem in India and throughout the world.
Unocoin, a cryptocurrency exchange, hasn’t decided if it would enter the Web3 market just yet, but it hasn’t fully ruled it out either. Sathvik Vishwanathan of Unocoin stated, “Even if we do, it would be a project of Unocoin and not a whole distinct venture.”
