The top executives of Indian crypto exchanges such as Coinswitch, CoinDCX, and WazirX are venturing from the centralised ecosystem to the decentralised world of Web3. Most Indian exchanges take custody of your digital assets, making them centralised by nature. In contrast, Web3 is supposed to be the new decentralised version of the internet, which means unlike the current internet (Web2.0) all data will be explicitly owned by the user and not tech corporations.
This development of exploring the Web3 space comes as the global crypto market continues to decline and trading volume on exchanges drop by 50 per cent since July 1, as crypto TDS comes into effect. Last week, three top-level executives at CoinSwitch Kuber resigned and now plan to launch their Web 3 start-up. This includes chief financial officer Sarmad Nazki, chief business officer Sharan Nair and head of new initiatives Krishna Hegde.
“Web3 offers India a never-before opportunity to be the torchbearers of technology and...
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