In the wake of a massive loss in cryptocurrency, three key executives and a senior blockchain engineer of CoinSwitch Kuber have left the firm to explore Web3.
Chief Business Officer Sharan Nair, Chief Financial Officer Sarmad Nazki, Senior Vice President Krishna Hegde, and Yadunandan Batchu have all resigned from their respective posts to begin their Web3 venture.
Sharan Nair, one of the three executives who left the company a few weeks ago, stated that his group was excited about cryptocurrencies. He said they wanted to become an international Web3 business based in India and were in discussions with several investors regarding a seed investment round.
Nair explained that since the cryptocurrency market is now in a bear market, it would be possible for them to construct something for primary use cases rather than targeting individuals drawn to cryptocurrencies to earn a fast buck.
CoinSwitch CEO, Ashish Singhal, has expressed his happiness with the co-founder’s decision to expand their venture in India despite the country’s inconsistent regulatory climate.
“I’m happy to see Sharan, Sarmad, and Krishna spread out and continue to build toward this future,” said Singhal. “I’m happy to see Sharan, Sarmad, and Krishna spread out and continue to build toward this future.”
Coinswitch Kuber has hired several leaders to replace its three executives who quit earlier this year. According to Amit Singhal, the company has hired Ramesh Bafna as its chief financial officer. He will be in charge of all financial duties at the company.
Another new hire is Sarmad Dev, who will take over for Hegde as vice president of new initiatives. In addition, he said that “Dev has been working with Bafna to accomplish a smooth and seamless transfer.”
In addition to these hires, Rishav Dev has been appointed senior vice president of public policy affairs. He will be in charge of all public policy activities at the company.
The crypto market is experiencing significant downtime. The value of virtual assets has decreased four times in six months.
Coinbase Ventures (a16z) and Andreessen Horowitz (Andreessen Horowitz) have been instrumental in raising more than $260 million since October of last year. There are several other top investors have also pumped money into the space.
In an interview with Business Insider, Coinbase CEO Brian Armstrong said that “the general market sentiment around cryptocurrencies is extremely positive right now.” He continued, saying, “the industry is at a point where we can say with confidence that we are going to see record-breaking growth this year .”
The statement caused widespread anxiety among the cryptocurrency community, resulting in a deluge of queries posted across social media.
Several businesses that provided complicated crypto instruments, such as Celsius, have closed as the virtual assets market experiences a slump.