By On November 21, 2019, global cryptocurrency exchange and blockchain ecosystem, Binance, announced that it had acquired Indian bitcoin exchange, WazirX, a significant move that would drive crypto adoption in India.
With the acquisition, Binance will now start offering the option for users to buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway from November 25 onwards.
This integration will also allow users to trade any digital asset available on Binance.com with the purchase of USDT from the WazirX digital asset marketplace.
In a statement to news outlets, Binance further revealed that in the first quarter of 2020, WazirX’s unique auto-matching engine would be integrated into the Binance Fiat Gateway platform, bringing easy cryptocurrency access to over a billion individuals.
WazirX CEO, Nischal Shetty, hailed the move stating that it’s a landmark moment in the Indian cryptocurrency industry. He added that this is the first time that such a leading global exchange has acquired an Indian cryptocurrency startup.
Over the last couple of years, crypto exchanges have been shutting down in India due to a lack of clear regulation, and this acquisition is the first major one in the space.
Binance Shifts Focus to Startups In Asia
Binance had earlier stated that it would focus on startups in Asia with its 3rd season of the Binance Labs incubator programme.
The crypto exchange seems to be following through on its promise with the acquisition of a major Indian startup.
Reiterating Binance’s commitment to India, Changpeng Zhao (CZ), CEO of Binance, said that the young demographic in India gives an edge to adopt and build new financial technologies.
He also added that he believes the acquisition will play a vital role in making India a global blockchain innovation center to spur crypto adoption throughout the country.
Earlier in June of this year, India-based startup Matic Network successfully raised funding via the blockchain on Binance Launchpad. Furthermore, another India-based project, Marlin Protocol, secured a $3 million seed round from Binance Labs.
About WazirX
Launched in 2018, WazirX is an Indian cryptocurrency exchange with more than 200,000 app downloads. The platform also launched the world’s first auto-matching P2P (Peer-to-Peer) engine to help traders convert Indian Rupees to crypto and vice versa.
Moreover, WazirX’s latest feature, Smart Token Fund, helps crypto investors find expert traders to manage their portfolios.
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