Nischal Shetty Revealed: How He Built India’s Crypto Powerhouse

If you’ve ever asked, “Who is Nischal Shetty?” In the context of Indian cryptocurrency, the answer is simple: he’s the man who built WazirX, the country’s largest crypto exchange, from the ground up. 

Known for blending tech innovation with grassroots advocacy, Nischal Shetty crypto has become a story of vision, resilience, and community trust.

From launching scalable tech products to fighting for fair crypto regulations in India, Shetty has turned challenges into opportunities and in the process, he’s reshaped how millions of Indians trade and understand digital assets.

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Early Career and Entrepreneurial Beginnings

Nischal Shetty’s journey started long before WazirX became a household name in India’s crypto scene. 

Graduating with a Bachelor of Engineering in Computer Science from Visvesvaraya Technological University in 2007, he began his career as a software developer at Burrp!, gaining hands-on experience in building digital platforms.

In 2010, he launched Crowdfire, a social media management tool that would go on to attract over 20 million users worldwide. This early success proved two things: Shetty could build scalable products, and he understood how to serve a growing online community.

By 2017, with a keen eye on emerging financial technologies, Shetty turned his attention to blockchain and cryptocurrency industries still in their infancy in India. It was here that the idea for a homegrown crypto exchange began to take shape.

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Building WazirX and Driving Innovation

In March 2018, alongside Siddharth Menon and Sameer Mhatre, Shetty co-founded WazirX to make cryptocurrency trading as simple as tapping a phone screen.

One of WazirX’s earliest breakthroughs came in July 2018 with the auto-matching P2P engine, allowing seamless INR-to-crypto conversions without traditional order-book delays. 

Later, features like QuickBuy made crypto purchases instant, and by April 2021, the platform had also launched an NFT marketplace, further lowering entry barriers for new users.

By early 2021, WazirX had grown to over 16 million users and listed more than 350 cryptocurrencies, solidifying its reputation as India’s most trusted crypto exchange.

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Advocacy and the #IndiaWantsCrypto Campaign

Nischal Shetty’s leadership extended far beyond running an exchange. On November 1, 2018, he began the #IndiaWantsCrypto campaign, tweeting daily for over 1,000 days to educate the public and urge regulators to adopt a constructive stance on digital assets.

This persistent advocacy helped shift India’s crypto narrative from one of fear and uncertainty to a more balanced discussion about innovation and regulation. 

Shetty’s work proved that community-led awareness can influence policy, a lesson other entrepreneurs still draw from today.

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Partnerships, Growth, and the Binance Acquisition

A major turning point came in November 2019, when global crypto giant Binance announced its acquisition of WazirX. 

This move integrated WazirX’s P2P engine into Binance’s fiat gateway, expanding access for millions of Indian users and positioning the exchange for international reach.

The partnership didn’t just boost WazirX’s credibility it also gave Indian crypto traders a stronger link to global liquidity and opportunities.

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Navigating Challenges and Restoring Trust

Like any major exchange, WazirX faced its share of challenges. The 2018–2020 RBI banking ban put pressure on all Indian crypto platforms, but Shetty ensured WazirX stayed compliant with KYC/AML standards, preserving trust during uncertain times.

In July 2024, the platform was hit by a $230 million hack, impacting roughly 45% of user funds. Instead of retreating, Shetty led community polls, bounty programs, and coordinated recovery efforts with over 200 project teams restoring between 10–40% of user losses within weeks. 

This rapid, transparent response helped preserve WazirX’s reputation in a critical moment.

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Vision Beyond WazirX – The Shardeum Project

In February 2022, Shetty co-founded Shardeum, a sharded Layer 1 blockchain designed to process millions of transactions at minimal fees. Built with decentralization in mind, Shardeum aims to solve blockchain scalability without sacrificing user accessibility.

This project underscores Shetty’s belief that crypto’s future lies not just in trading platforms but in building infrastructure that empowers everyone to participate in the digital economy.

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Conclusion

From a software developer in Mumbai to the founder of India’s largest crypto exchange, Nischal Shetty’s journey is proof that vision, persistence, and community trust can build industry-changing platforms. 

Through WazirX, the #IndiaWantsCrypto campaign, and new ventures like Shardeum, Shetty continues to shape not just the Indian crypto market, but the global blockchain conversation.

His work reminds us that building a powerhouse in crypto isn’t about hype — it’s about solving real problems, standing firm in crises, and creating opportunities for millions.

FAQ

Who is Nischal Shetty?

He’s the co-founder of WazirX, India’s largest cryptocurrency exchange, and a blockchain entrepreneur.

What is Nischal Shetty’s role in WazirX?

He co-founded WazirX and led it to become a top Indian exchange before and after its Binance acquisition.

What is the #IndiaWantsCrypto campaign?

A long-running social media movement by Shetty to promote crypto adoption and regulation in India.

Has WazirX faced any major challenges?

Yes, including the RBI banking ban and a $230M hack in 2024, both handled with transparency and recovery efforts.

What is Shardeum?

A Layer 1 blockchain co-founded by Shetty in 2022, designed for scalability and low transaction fees.