Advertisement
AD

Main navigation

Binance Acquires Leading Indian Crypto Exchange

Advertisement
Thu, 21/11/2019 - 14:15
Binance Acquires Leading Indian Crypto Exchange
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents
Advertisement

Binance, the world's most popular centralized crypto exchange, continues to show its dedication and orientation to developing countries as potential areas of growth. After launching Binance Uganda and investing in a couple of crypto projects from India, it's now turning towards mergers and acquisitions (M&A).

WazirX Acquired by Binance, INR Gateways to Be Opened

Today, Binance announced its acquisition of WazirX, India's top peer-to-peer crypto exchange. WazirX is well-known as India's most successful peer-to-peer (P2P) platform, and the "most trusted Bitcoin service" within the Indian blockchain community. Starting Monday, November 25, 2019, Binancians will have opportunities to buy and sell cryptos with Indian Rupees (INR) via the Binance Fiat Gateway

The second stage of integration will take place in Q1 of 2020, in which WazirX's auto-matching engine will be directly integrated into the Binance Fiat Gateway. The main purpose of this integration is to give users with opportunities to place orders on Binance.com, and Binance's mobile apps to purchase Tether (USDT) against INR. According to WazirX's Founder and CEO Nischal Shetty:

Thus, WazirX will act as an INR payment processor for Binance. Furthermore, Binance will be able to reach WazirX's huge user base, whose mobile apps have been downloaded more than 200,000 times.

Mixed Motivation

According to Binance's CEO Changpeng Zhao, "The young demographic in India" could play a vital role in making this country a global blockchain innovation center. Binance's CFO Wei Zhou also stressed his commitment to the idea of broadly adopting crypto-to-fiat services:

Building fiat-to-crypto bridges remains a key mission for Binance, and WazirX will help this.

— Wei Zhou (Binance CFO)

Previously, Binance has supported India's blockchain community on several occasions. Matic Network, India's Ethereum scalability project, successfully raised funds through the Binance Launchpad, while Marlin Protocol secured seed investments from Binance Labs.

Related
Selling or Mining Crypto Will Be Punished by Up to Ten Years of Prison Time in India  

This progress is significant amid the backdrop of rumors on a complete crypto ban in India. This has been partially caused by sluggish court proceedings in regards to the Reserve Bank of India's claims against using cryptocurrency in financial remittances.

Will India ban crypto? Who is the main beneficiary of this M&A - Binance or WazirX? Let's discuss it on Twitter!

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles