News Update
ZebPay’s CEO Avinash Shekhar resigns to focus on his own Web 3.0 startup
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ByStartupStory | September 24, 2022
As conditions continue to deteriorate for Indian bitcoin startups, Avinash Shekhar, chief executive officer (CEO) of ZebPay, has opted out. This comes one month after the departure of Chief Financial Officer (CFO) Tarun Jain, according to various sources.
ZebPay is among India’s top cryptocurrency exchanges.
“Avinash will focus on his start-up later this year, which is in the Web 3.0 space. However, he will continue to stay in an advisory role on ZebPay, as a director. Rahul has always been a part of the decisions at ZebPay and will continue to lead the business, going forward,” the company said in an interview.
Shekhar will also continue to serve as a board member and consultant for the foreseeable future. His LinkedIn profile mentions that Shekhar began working for the firm as CFO in July 2017 before becoming co-CEO and then CEO in December 2021.
Majority of those who have left the firm are mid-level employees, despite the fact that numerous other members of the company’s top management have left in response to industry uncertainty.
This resignation occurs at a time when the bitcoin ecosystem in India is facing several obstacles. In April of this year, the sector began to feel the effects of Finance Minister Nirmala Sitharaman’s announcement of a 30 percent income tax charge on earnings from crypto trading in her Union Budget address, as well as a worldwide drop in crypto token prices.
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