Indian digital currency entrepreneur: crypto trend

Nischal Shetty, the founder of India’s largest cryptocurrency exchange, is on top of emerging trends. After spending more than a week buying his first bitcoin, he saw a market opportunity to simplify trades of the then-booming digital currency.

The last three to four years have been a time for building crypto exchanges and layer one blockchain products,”  according to Shetty.

A blockchain is a decentralized digital ledger that can use to record data and transactions. One of its primary applications is the storage and management of digital currencies such as bitcoin and Ethereum forms of virtual cash that operate independently of traditional money.

It is difficult to pinpoint that trend, but Shetty, a 36-year-old software developer, believes the next wave will be consumer products that make digital currencies more accessible in everyday life. According to Deutsche Bank estimates, there are approximately 50 million blockchain wallet users worldwide today. As digital currencies become more widely used, the bank expects that figure to rise to 200 million by 2030.

Challenging business

The key for would-be entrepreneurs, according to Shetty, is to get the timing right, noting that mainstream adoption of cryptocurrencies and blockchain technology is still some time away.

Internationally, the crypto industry has come under increasing scrutiny as authorities consider aiding tax evasion and criminal activity. WazirX, for its part, has been caught up in a continuing crypto debate among Indian leaders, prompting Shetty to join forces with other exchanges to engage the country’s top financial decision-makers.

Shetty compared the situation to the beginnings of the internet. Initially, emailing was difficult due to inferior technology and slow internet speeds. Video calls are now commonplace and an essential part of working life. Nonetheless, regulators are attempting to keep up with the rapidly changing technology industry.

Similarly, new blockchain technologies present an opportunity for developers and entrepreneurs to contribute to the next wave of innovation, according to Shetty. It will take time, but it is a time of opportunity for any entrepreneur or anyone with an idea to get in and build it.

Bitcoin

The most significant cryptocurrencies, led by bitcoin, have been relatively calm over the last seven days. According to crypto data aggregator COIN360, bitcoin, and ether are down -0.69 percent and -4.46 percent on the week, respectively. Binance’s BNB has increased by 6.95 percent over the same period, while Dogecoin has decreased by 8.28 percent.

Terra (LUNA), a native token of the namesake protocol for issuing fiat-pegged stablecoins, is another big altcoin winner this week, up 30.86 percent. Following the volatility seen in May, the token appears to have found its footing. Terraform Labs, the project’s creator, committed approximately $70 million on July 7 to increase its savings protocol Anchor reserves.