I'm probably one of those first-generation entrepreneurs in crypto.

我可能是加密貨幣領域的第一代創業者之一。

In the first half of 2021 alone, his crypto business has grown more than 12x to become

僅在2021年上半年，他的加密貨幣業務已增長超過12倍，成為

the country's largest digital currency exchange.

是該國最大的數字貨幣交易所。

If you were to consider the beginning of 2020, it would be, I think, 15-18 times.

如果你要考慮2020年的開始，我想將是15-18倍。

Sending his crypto token soaring.

讓他的加密貨幣代幣飆升。

1x to 2x growth I was expecting.

我所期待的1倍到2倍的增長。

But I think it grew by 7, 8x or 10x at one point.

但我認為它一度增長了7、8倍或10倍。

That was crazy.

這很瘋狂。

Now he's set his sights on making WazirX India's first billion-dollar crypto unicorn.

現在，他把目光投向了使WazirX成為印度第一個價值10億美元的加密獨角獸。

So how does a coder from Mumbai do it?

那麼，一個來自孟買的編碼員是如何做到的呢？

WazirX is a cryptocurrency platform from India that allows users to buy, sell and trade popular

WazirX是一個來自印度的加密貨幣平臺，允許用戶購買、出售和交易流行的貨幣。

virtual coins such as Bitcoin, Ethereum, Ripple and Litecoin.

虛擬幣，如比特幣、以太坊、瑞波幣和萊特幣。

Founded in March 2018 by then 32-year-old coder Nischal Shetty, the company has capitalized

2018年3月，由當時32歲的編碼員Nischal Shetty創立，該公司已將資本化。

on the rising tide of retail traders investing in cryptocurrencies.

在散戶投資加密貨幣的浪潮中。

Less than two years after its launch, WazirX was acquired by Binance, the world's largest

推出不到兩年，WazirX就被世界上最大的金融公司Binance收購。

crypto exchange, for an estimated $5-10 million.

在加密貨幣交易所，估計價格為500萬至1000萬美元。

Then, in April 2021, the WRX crypto token temporarily reached a billion-dollar valuation.

然後，在2021年4月，WRX加密代幣暫時達到了10億美元的估值。

But while Nischal is a tech entrepreneur through and through, the millennial's foray into

但是，雖然尼沙爾是一個徹頭徹尾的科技企業家，但這位千禧年的年輕人進入了一個新的領域。

cryptocurrency was initially inspired by a rebellion against big tech.

加密貨幣最初的靈感來自對大科技的反叛。

There's always a reason why someone gets into crypto.

有人進入加密貨幣領域總是有原因的。

As a young boy growing up in Mumbai, Nischal was fascinated by computers.

作為一個在孟買長大的小男孩，尼沙爾對計算機非常著迷。

He went on to study computer science in Mangalore city in the southwestern region of India.

他繼續在印度西南部地區的曼加羅爾市學習計算機科學。

But when he began experimenting with coding alongside his day job as a software engineer,

但是，當他開始在他作為軟件工程師的日常工作的同時嘗試編碼時。

he quickly became frustrated with the dominance of western tech giants.

他很快就對西方科技巨頭的主導地位感到失望。

My first start-up was all about social media management.

我的第一次創業是關於社會媒體管理。

So, if you had your Twitter account, your Instagram account, you could manage it from

是以，如果你有你的Twitter賬戶，你的Instagram賬戶，你可以從以下方面管理它

a single place.

一個地方。

While the app, later renamed Crowdfire, took off, Nischal and his co-founders Sameer Mhatre

當這個後來改名為Crowdfire的應用程序起飛時，Nischal和他的聯合創始人Sameer Mhatre

and Siddharth Menon, could see the landscape was changing.

和Siddharth Menon，可以看到景觀正在發生變化。

By 2017, social media companies were becoming more restrictive with their APIs, or

到2017年，社交媒體公司對其API的限制越來越多，或

application programming interfaces, making it harder for third-party developers to synch up their apps.

應用程序編程接口，使第三方開發者更難同步他們的應用程序。

Nischal decided it was time to change tact.

Nischal決定是時候改變策略了。

Twitter, Instagram, Facebook, they started monetizing.

Twitter、Instagram、Facebook，他們開始了貨幣化。

And they decided to change the rules of their development ecosystem and that affected my

他們決定改變其發展生態系統的規則，這影響了我的工作。

start-up because you had to cut down quite a few features that were creating revenues

因為你不得不削減一些創造收入的功能。

for us but that was not seen as the right features by these networks.

但這些網絡認為這不是正確的功能。

And this is what led me to the whole decentralized ecosystem.

而這也是導致我進入整個去中心化生態系統的原因。

Because if you look at crypto and blockchain, as a developer when you build something,

因為如果你看一下加密貨幣和區塊鏈，作為一個開發者，當你建立一個東西。

no-one's going to come and tell you you cannot do something.

沒有人會來告訴你，你不能做什麼。

It's a decentralized ecosystem, there's no owner behind it.

這是一個去中心化的生態系統，背後沒有所有者。

The timing coincided with a boon in cryptocurrencies, in particular bitcoin.

這個時間點恰好是加密貨幣，特別是比特幣的繁榮期。

So, in 2018, he created WazirX as a platform to make digital currency trading more accessible.

是以，在2018年，他創建了WazirX，作為一個平臺，使數字貨幣交易更加方便。

I tried to buy bitcoin myself in India and I realized there was a large gap in the way

我嘗試在印度自己購買比特幣，我意識到在方式上有很大差距

international exchanges operated versus the way Indian exchanges operated.

國際交易所的運作與印度交易所的運作方式不同。

It took me about a week to buy my first bitcoin in 2017, and by the time I bought that,

在2017年，我花了大約一週的時間來購買我的第一個比特幣，而當我買到那個時候。

the price had already shot up. And that was frustrating.

價格已經飆升。這讓人感到沮喪。

And I realized that while I could build a blockchain project, someone has to first solve

而我意識到，雖然我可以建立一個區塊鏈項目，但必須有人首先解決

the problem of onboarding people onto the decentralized ecosystem.

在去中心化的生態系統中，人們入職的問題。

The crypto exchanges are the gateway or the ramps.

加密貨幣交易所是網關或坡道。

And, with that, we decided we should build an exchange focused on the Indian ecosystem.

就這樣，我們決定應該建立一個專注於印度生態系統的交易所。

Where other platforms faltered under a ban by the Reserve Bank of India on crypto-related

在其他平臺因印度儲備銀行對加密貨幣相關的禁令而動搖的情況下

payments, WazirX quickly pivoted, acting as a third-party custodian between buyers and sellers.

WazirX迅速轉向，作為買方和賣方之間的第三方託管人。

That savvy shift paid off and the following year, in November 2019, the company was acquired

這種精明的轉變得到了回報，第二年，即2019年11月，公司被收購了

by Binance, the world's largest crypto exchange, as it made its first foray into the Indian market.

世界上最大的加密貨幣交易所Binance在首次進入印度市場時推出了 "Binance"。

While it started as an investment discussion, we soon realized that our goals aligned.

雖然一開始是投資討論，但我們很快意識到，我們的目標是一致的。

Binance is that one company which has grown really fast in a very short period of time,

Binance是一家在很短的時間內發展非常迅速的公司。

despite all the regulatory uncertainties globally.

儘管全球範圍內存在各種監管的不確定性。

So apart from money, what I saw was how do you learn how to hyperscale, especially in crypto.

所以除了錢之外，我看到的是你如何學習如何超大規模，特別是在加密貨幣方面。

That was the biggest highlight that led this discussion from financing to acquisition.

這是導致這次討論從融資到收購的最大亮點。

Today, WazirX claims its registered users have quadrupled in the 2nd quarter of 2021

今天，WazirX聲稱其註冊用戶在2021年第二季度翻了兩番

to hit 6.5 million users while trading volume in June reached $6.2 billion.

以達到650萬用戶，而6月份的交易量達到62億美元。

This explosive growth comes as retail and institutional investors piled in.

這種爆炸性的增長是隨著散戶和機構投資者的扎堆湧入。

We've signed up more users in the last four, five months than we have in the last three years.

在過去的四、五個月裡，我們簽下的用戶比過去三年裡的還多。

That's been how rapid the growth has been.

這就是增長的速度。

Cryptocurrencies have recorded a meteoric rise over the past year, capping out

加密貨幣在過去一年中錄得了流星般的上升，達到了

at a total market capitalization of over $2.5 trillion in May.

在5月份，總市值超過2.5萬億美元。

In India, it is predominantly led by the retail investors, and it contributes to

在印度，它主要是由散戶投資者主導的，而且它有助於

close to 5 to 6 percent of overall market capitalization.

接近整體市值的5%至6%。

That's Ganesh Vasudevan, research director at IDC Financial Insights.

這就是IDC金融觀察的研究主任Ganesh Vasudevan。

He explained more.

他解釋了更多。

There is a novelty and a fad associated with it, and that is quite tempting for investors.

有一種新奇感和時尚感與之相關，這對投資者來說是相當有誘惑力的。

There is a convenience involved in it.

這裡面涉及到一種便利。

The exchange platforms which have come out with the applications seem to be extremely

已經推出應用程序的交換平臺似乎非常

convenient and super-efficient.

方便且超級高效。

Nevertheless, the industry has been facing increasing pressure internationally as authorities

儘管如此，該行業在國際上一直面臨著越來越大的壓力，因為當局

weigh concerns that it could be aiding tax evasion and criminal activity.

擔心它可能會幫助逃稅和犯罪活動。

In June, WazirX owner Binance was banned from undertaking any regulated activity in the

6月，WazirX的所有者Binance被禁止在中國從事任何受監管的活動。

U.K. in the latest sign of a growing crackdown on the global cryptocurrency market.

英國在對全球加密貨幣市場的打擊力度不斷加大，這是最新的跡象。

They're indecisive how to treat this asset, whether it is a currency or a commodity or

他們對如何對待這種資產舉棋不定，無論是貨幣還是商品還是

any other asset category.

任何其他資產類別。

WazirX, for its part, has been caught in the midst of a continuing crypto debate among

WazirX公司則被捲入了一場持續的加密貨幣辯論之中。

Indian authorities, leading Nischal to team up with other exchanges to jointly engage

印度當局，導致Nischal與其他交易所合作，共同從事

the country's top financial decision makers.

國家的最高金融決策者。

Where is regulation headed, only time will tell us.

監管的方向是什麼，只有時間會告訴我們。

But the good thing is India usually follows what most of the large economies globally

但好在印度通常遵循全球大多數大型經濟體的做法

follow.

遵循。

And when we look at the U.S., the EU region, the kind of direction they're taking, which

當我們看美國和歐盟地區時，他們正在採取的那種方向，即

is one of regulation rather than a ban, I think that makes us more hopeful that India

是監管而不是禁止，我認為這使我們對印度更有希望。

will follow a similar approach.

將遵循一個類似的方法。

Especially with the pandemic and the lockdown that has happened here, I think it's going

特別是隨著大流行病和這裡發生的封鎖，我認為它將會

to take some time.

要花一些時間。

But it's definitely going to regulation rather than a complete ban or a negative atmosphere

但這肯定是要監管的，而不是完全禁止或消極的氛圍。

for the product here.

為產品在這裡。

All this as the environmental impact of cryptocurrency mining comes under renewed scrutiny.

所有這些都是因為加密貨幣開採對環境的影響受到了新的審查。

It is estimated that the mining of bitcoin alone consumes more than 60 terawatt-hours

據估計，僅比特幣的開採就消耗了60多兆瓦時。

of electricity per year, more than the annual consumption of electricity in countries such

每年的電力消耗量，超過了一些國家的年電力消耗量，如美國。

as Switzerland and Singapore.

如瑞士和新加坡。

Once the focus is brought into the efficiency or the climate impact, there are going to

一旦把重點放在效率或氣候影響上，就會有

be efforts to optimize that space.

要努力優化這一空間。

Still, Nischal says there's plenty of scope for the industry to empower people in countries

不過，尼沙爾說，該行業在增強各國人民的能力方面仍有很大的空間。

like his own.

像他自己的一樣。

In June, WazirX became South Asia's first marketplace for non-fungible tokens (NFTs)

6月，WazirX成為南亞第一個不可偽造代幣（NFTs）的市場。

in a bid to help creators across India trade digital assets such as artwork and music.

以期幫助印度各地的創作者進行藝術品和音樂等數字資產交易。

If you look at the history of India, one of the largest reasons for our rapid economic

如果你看一下印度的歷史，我們經濟迅速發展的最大原因之一是什麼？

progress has been software.

進展一直是軟件。

Now, if you look at crypto, crypto is an extension of that whole software ecosystem, so India

現在，如果你看一下加密貨幣，加密貨幣是整個軟件生態系統的延伸，所以印度

completely understands that we cannot miss this opportunity.

完全理解，我們不能錯過這個機會。

Today, you have investors coming in, you have VC funds, you have start-ups being created,

今天，你有投資者進來，你有風險投資基金，你有初創企業被創建。

I think all of this is adding to a very positive outlook.

我認為所有這些都使我們的前景變得非常積極。

With all that at play, the future path for WazirX, and crypto more broadly, is set to be bumpy.

在所有這些因素的作用下，WazirX以及更廣泛的加密貨幣的未來之路註定是坎坷的。

But after the ups and downs Nischal has weathered over recent years, he says he's ready for an exciting ride.

但是，在經歷了近幾年的起伏之後，尼沙爾說他已經準備好迎接一次令人興奮的旅程。

Our mission has been to make crypto accessible to everyone in India, and I think we are still

我們的使命是讓印度的每個人都能使用加密貨幣，我認為我們仍在

very early in that.

在這一點上，非常早。

We've reached six-and-a-half million users, the industry has about 15 million people.

我們已經達到了650萬用戶，這個行業大約有1500萬人。

But I believe India has the potential to get 100 million people into crypto and our journey

但我相信印度有潛力讓1億人進入加密貨幣，我們的旅程

has just started.

剛剛開始。