Binance, a global cryptocurrency exchange, has acquired Mumbai-based major bitcoin exchange WazirX, in a key move in the cryptocurrency ecosystem in India.
Over the last couple of years, exchanges have been closing due to lack of clear guidelines. The acquisition of Wazirx is the first major one in the space. Additionally, through this acquisition Binance is expected to foray into the fledgling Indian market, which is counted among the top exchanges in the world.
According to Wazirx CEO Nischal Shetty, Wazirx has now become India’s first-ever cryptocurrency exchange to be acquired by an international exchange. Shetty added:
“Binance has been working towards growing the ecosystem by introducing new fiat gateways. Wazirx’s innovative P2P in India attracted them. The idea is to further grow the crypto ecosystem in India; and also use our technology to launch fiat gateways in more countries.”
Wazirx Users to Access Binance’s Gateway in 2020
Moreover, Binance Fiat Gateway platform will integrate WazirX’s peer-to-peer (P2P) engine in the first quarter of 2020. This will allow users to trade any digital asset available on Binance with the purchase of USDT or Tether, a blockchain-based cryptocurrency, from the WazirX P2P market.
According to Binance CEO Changpeng ‘CZ’ Zhao:
“The young demographic in India gives 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 centre; to also spur cryptocurrency adoption throughout the larger public in the country. India will be one of our first forays into stimulating financial growth and access in developing nations beyond the country. We will be continuing to work towards furthering crypto adoption, lowering the barrier to entry. One of the main goals is to add more fiat currencies to Binance and work with local partners to add as many fiat-to-crypto pairs as possible.”
In conclusion, the Indian crypto community is still pushing for clear and positive regulations. However, the government has delayed the key issues that the industry is facing.