Binance Comes To India Through WazirX
November 21, 2019 8:09 pm
Binance, one of the major crypto exchanges by trading volume, announced the acquisition with WazirX. However, the announcement did not provide any details of the deal. According to the report from the Economic Times estimated that the firm was bought out for $5 million–10 million.
The entry of Binance into India seems surprising, while the country’s crypto market has been struggling due to the ban and regulations. for crypto firms instigated by the nation’s central bank in April 2018. Due to such issues, crypto exchanges including Koinex and Zebpay, have been forced to close, with the remainder moving to survive on crypto-to-crypto trading, and avoiding the fiat system.
WazirX launched crypto-to-crypto and peer-to-peer trading earlier this year. Binance has a way around the banking issue, as it launched Indian rupees on its Binance Fiat Gateway in recent weeks. WazirX also mentioned that Indian citizens will soon be able to buy the tether (USDT) stablecoin with rupees via WazirX and use USDT to trade any cryptocurrency offered by Binance.com.
Changpeng Zhao, CEO of Binance stated:
“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.”
WazirX’s founder Mr. Nischal Shetty has been fighting against the Indian Crypto regulation and bans. He also requested former Finance Minister Mr. Arun Jaitley to take a stance on cryptocurrency in the country.
“Building fiat-to-crypto bridges remain a key mission for Binance, and WazirX will help this by providing a simple and cohesive way to purchase cryptocurrencies in a country which is home to more than a billion people”