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ZebPay exchange’s CEO quits to launch a new startup

ZebPay

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Crypto exchange ZebPay has seen two high-ranking executives leave its ranks in one month. First CFO Tarun Jain left the company and now CEO Avinash Shekhar decided to do the same. ZebPay itself confirmed the rumors about the new development, noting that Shekhar plans to work on a new startup that is in the Web3 space.

CEO of ZebPay is leaving the company

The CEO’s departure appears to be in good faith, as he will continue to advise the exchange’s new management as a director, so he is not abandoning India’s most popular crypto exchange entirely. He will also continue as the company’s consultant and board member in the long term. As of 2022, he has been with ZebPay for five full years, starting as CFO in 2017 and rising to CEO and then CEO in December 2021.

Although he worked as the CEO of the platform for less than a year, he has now decided to focus on a different crypto sector, which is not surprising given the industry’s recent obsession with Web3 and all projects even slightly related to it.

ZebPay Chairman Rahul Pagidipati also stated that Tarun Jain, the former CFO, has left to serve as the CEO of his new company. As for Avinash, he has worked hard for years to turn the company around, but he finally decided it was time for him to focus on something else. Other sources have pointed out that Pagidipati and Shekhar are not the only ones who left, and that several other senior management members have also left the company, possibly due to the high level of uncertainty in crypto. However, Pagidipati noted that most of those who left were mid-level staff.

The Indian crypto market is in trouble

Due to a long and ruthless bear market, the situation around the world has been bad for crypto for almost a whole year. However, the Indian market has seen even more challenges, such as Finance Minister Nirmala Sitharaman’s announcement of a 30 percent income tax on crypto trading profits. Coupled with the global price crash, the Indian market started suffering quite a bit in April this year and nothing has changed for the better since then.

In July, India introduced a 1% withholding tax on virtual digital asset transactions, the latest bill. In the first six months, 85-90% of trading has been lost even from the best exchanges in the country like CoinDCX, WazirX and ZebPay itself.

On the other hand, the Web3 market has been successful in the world, which has clearly set the trend for the second half of the year and possibly 2023.

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