The Sudden Closure of Cryptokart
Gaurang Poddar, the founder of India’s cryptocurrency exchange Cryptokart, recently made waves with his LinkedIn announcement about the exchange shutting down. He described the decision as incredibly tough after all the hard work the team put in. Yet, he remained positive, expressing pride in the platform’s journey and seeming hopeful for the next chapter of his career.
A Glimpse into Poddar’s Vision
In his LinkedIn post, Poddar extended an invitation to anyone interested in launching their own crypto exchange. It’s a rather bold move, considering he’s just closed a chapter, but such is the entrepreneurial spirit! He is actively seeking opportunities in product management, opening the door for new prospects. Let’s just hope he doesn’t launch an exchange in his basement!
The Cryptokart Timeline
Founded in 2017, Cryptokart had a short but ambitious run of about one year and nine months. During this time, it sought to bring cryptocurrency trading to the Indian masses, but alas, the blockchain gods had other plans. The shutdown, though unfortunate, isn’t an isolated incident in the Indian crypto landscape.
More Exits: The Ripple Effect
Cryptokart isn’t the first to exit the Indian market; in fact, it joins the ranks of Koinex and Coinome, which also ceased operations earlier this year. Both platforms cited the increasingly hostile regulatory environment as a key factor for their closures. One can only imagine a crypto entrepreneur in India these days, nervously sweating bullets every time they hear the word ‘regulation.’
Regulatory Dilemmas
A recent proposal by Indian lawmakers suggests draconian measures against cryptocurrency dealings, including a jaw-dropping 10-year prison sentence for offenders. Sounds like a scene from a dystopian thriller, right? Dubbed the “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” this proposed legislation could be viewed as a death knell for crypto enthusiasts and exchanges alike. The message is clear: tread carefully in this landscape!
The Silver Lining?
Despite the doom and gloom, there’s a glimmer of hope. Poddar’s upbeat attitude and determination to stay in the crypto realm suggest that the field isn’t quite ready to let go of entrepreneurial spirits yet. Maybe the next exchange will be better prepared for the regulatory storm. Let’s hope the next wave of exchanges can ride the crypto tide, and not sink into obscurity like their predecessors!
