Indian crypto exchanges eye Web3 place in the midst of dry periods in the market
The top executives of Indian crypto exchanges such as Coinswitch, CoinDCX and WazirX venture from the centralized ecosystem to the decentralized world of Web3. Most Indian stock exchanges take care of your digital assets, making them centralized by nature. On the other hand, Web3 is intended to be the new decentralized version of the Internet, which means that unlike today’s Internet (Web2.0), all data will be explicitly owned by the user and not technology companies.
This development of exploring the Web3 site comes as the global crypto market continues to decline and trading volume on exchanges has fallen by 50 percent since July 1, as crypto-TDS takes effect. Last week, three top executives at CoinSwitch Kuber pulled up and are now planning to launch their Web 3 startup. This includes CFO Sarmad Nazki, business manager Sharan Nair and head of new initiatives Krishna Hegde.
“Web3 offers India a never-before-seen opportunity to be the torchbearer of technology, and realizing this vision would require the combined efforts of the smartest minds and start-ups in the country. I am pleased to see Sharan, Sarmad and Krishna spread and continue to build towards this future, “said Ashish Singhal, co-founder and CEO, CoinSwitch.
Industry leaders believe that Web3 will be the next iteration of the Internet based on blockchain technology. “Crypto exchanges will act as a gateway for all decentralized apps, which will be built on Web3. For example, say that any gaming platform built on Web3 will need revenue generation, and this is possible by connecting it through a crypto exchange,” explained Sharat Chandra, a blockchain evangelist.
Crypto-leaders have understood that the journey towards decentralization will make Web3 big. “As people become more familiar with crypto exchanges, they discover use cases with the crypto and move on to Web3 ecosystems. I think the founders do is always one step ahead of users,” Rajgopal Menon, vice president of WazirX, told indianexpress.com.
Crypt exchange WazirX has built two startups focusing on Web3 ecosystems. Siddharth Menon, co-founder of WazirX, teamed up with Pune-based game development company SuperGaming to launch Tegro, a Web3 gaming ecosystem marketplace. Tegro builds gaming assets (gaming content) marketplaces for players, traders and institutional investors, so that they can trade, hold and play with these gaming devices. It will also provide asset statistics to help them trade and invest better.
Menon believes that Web3 is far ahead of its time, but exchanges were the building block for entering the Web3 site. “… when you look at it from this perspective: there are many things that need to be built in terms of infrastructure for web3 – the lego bricks if you will. Part of this journey of building for Web3 was the exchange. Now it’s about “Take these lessons and build for consumers and gamers. Crypto can not only be speculative, it must add value.”
Furthermore, WazirX is also building a new blockchain called Shardeum that will compete with others such as Ethereum and Solana. This is one of the first team-one blockchains to be developed by India. “The reason behind the construction of WazirX was to make crypto available to everyone in India. Over time, we have seen the crypto industry evolve into something more with new, new uses such as NFTs, DeFi, metaverse and more. For Web3 to reach mass adoption, we have to solve the current scalability problems, and this is why I decided to build Shardeum, a highly scalable blockchain that is truly decentralized, “notes Nischal Shetty, founder, Shardeum.
The crypto platform CoinDCX is not left behind. The exchange had announced the launch of CoinDCX Ventures, an investment initiative that will finance the early stages of crypto and blockchain startups. The platform will focus on the Web3 ecosystem in India and globally, and plans to invest Rs 100 crore in the start-ups over the next 12 months.
In the meantime, the Unocoin cryptocurrency exchange has no plans to enter their Web3 site yet, although it has not completely ruled out the possibility. “Even if we do, it will be a project of Unocoin and not a completely different commitment,” Sathvik Vishwanathan from Unocoin told indianexpress.com.
