Coinswitch has appointed former Myntra executive Sudheer Tumuluru as the head of crypto engineering to drive crypto trading, exchange, and emerging products, the cryptocurrency exchange said on July 8.
The announcement comes a day after Coinswitch said Chief Financial Officer (CFO) Sarmad Nazki, Chief Business Officer (CBO) Sharan Nair, Senior Vice President Krishna Hegde and Yadunandan Batchu, a senior blockchain engineer, had left the company to start their own Web3 venture.
“CoinSwitch is expanding rapidly, building new and exciting offerings in crypto and non-crypto space as we evolve into India's one-stop wealth-tech destination. A crucial part of this journey is a robust crypto tech stack that will reinforce our leadership in the crypto market even as we develop an assortment of asset classes. Sudheer’s expertise in building bleeding-edge technology platforms will drive this effort,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.
The Coinbase-backed firm has been strengthening its leadership, appointing Ramesh Bafna as the CFO, Ashish Chandra as the general counsel and Jayaram Krishnan has been named vice president, product.
Crypto exchanges continue to grapple with declining trading volumes. Moneycontrol has reported that in the first six months of 2022, top crypto exchanges such as WazirX, CoinDCX, Bitbns and Zebpay lost more than 70-75 percent of their trading volumes on a monthly average basis.
Following the July 1 implementation of the 1 percent tax deducted at source on virtual digital assets that was announced in the budget, the situation has only worsened.
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