World’s largest cryptocurrency exchange by trade volume Binance has forayed into the fledgling Indian market by acquiring India’s leading Bitcoin exchange platform, WazirX.
In a move that is likely to be touted as one of the potential turning points for the Indian cryptocurrency ecosystem, where the obscure cryptocurrency regulations have caused several digital assets exchanges to call it quits and severely dampened the spirits of crypto enthusiasts in the country, this ten million US dollars ($10 million) acquisition is expected to offer a glimpse of hope that India could finally open the doors to cryptocurrencies.
Binance comes to India with Bitcoin exchange WazirX acquisition
In an official post released today, Binance announced that users would be able to buy and sell crypto using Indian Rupees (INR), beginning 25th November 2019.
WazirX’s unique peer-to-peer auto-matching engine will be incorporated into the Binance fiat gateway platform, enabling millions of traders with easy access to crypto. Following this integration, Binance users can place orders and purchase Tether against INR through Binance.com, Binance iOS, and Android app. After the users purchase USDT from the WazirX digital asset marketplace, they will be able to trade from a range of digital assets available on the Binance platform.
Binance and WazirX can propel cryptocurrency adoption in India, CZ
Founder and CEO of Binance, Changpeng Zhao, was excited to announce the news. India has a young demographic, and this plays a crucial role in adopting and building new technologies as a broader public is receptive to innovation. Through this acquisition, I am confident that Binance and WazirX can trigger a more extensive cryptocurrency adoption rate and make India an epicenter of blockchain development, Zhao confirmed.
He also added that Binance much emphasizes on adding more and more fiat currencies to its growing network and working closely with local partners to support as many fiats to crypto pairs as possible and acquiring WazirX takes the firm one step closer to this goal.
Meanwhile, founder of India’s top-rated cryptocurrency exchange WazirX, Nischal Shetty, confirmed he would continue to run the business out of India independently. He says that the next big wave of cryptocurrency adoption is likely to emerge from a developing country like India, where more than a billion people can contribute towards expanding this business.
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