World’s largest cryptocurrency exchange, Binance, today announced its latest acquisition – India’s leading cryptocurrency exchange WazirX. Through this acquisition, users can buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway.
“The young demographic in India give an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country,” said CZ (Changpeng Zhao), Binance CEO. “The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”
According to Binance, in the Q1 of 2020 WazirX’s auto-matching engine will be integrated into the Binance Fiat Gateway platform itself. Users from India can directly purchase USDT (Tether) against INR using the Binance iOS and Android app.
“The next phase of mass adoption for Crypto will arise from developing nations around the world. India with more than a billion people is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built. The acquisition is yet another step towards achieving our shared mission with Binance of decentralizing the world,” said Nischal Shetty, WazirX CEO.
The acquisition of WazirX is Binance’s third investment in India in the past one year. The other two companies from India in which Binance launchpad has invested in are Matic Network and Marlin Protocol.
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