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Binance Acquires Leading Indian Crypto Exchange
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:
Furthering our mission of making Crypto accessible to everyone in India and across the globe.
— Nischal (WazirX) ⚡️ (@NischalShetty) November 21, 2019
If we want to decentralise the world, then we need to solve Fiat <> Crypto on ramp.
With support from all of YOU and Binance, we're confident we'll make it happen ? pic.twitter.com/3UL7QvRb06
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.
Alex DovbnyaThis 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!
Arman Shirinyan
Dan Burgin
Alex Dovbnya