Indian to easily purchase cryptocurrencies using Rupees (INR) as local cryptocurrency exchange WazirX has been acquired by Binance.
The acquisition will allow users in one of the most populous countries on the planet to purchase cryptocurrencies using their fiat currency through the Binance Fiat Gateway starting from the 25th of November, 2019.
According to the Press Release issued by Binance, starting from Q1 of 2020, the auto-matching engine of WazirX will be integrated into the Binance fiat Gateway platform thus giving easy access to over a billion Indians to purchase cryptocurrency with their local fiat currency.
WazirX was launched in 2018 and featuring a unique auto-matching engine that enables users concert crypto to fiat and vice-versa. It has grown considerably recording over 200,000 mobile app downloads and having a distribution of its token, the WRX in possession of over 60,000 holders
Speaking on the acquisition, CEO of Binance, CZ, said “The young demographic in India give 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 center to also spur cryptocurrency adoption throughout the larger public in the country,”
He went further saying, “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.”
The integration of WazirX will allow Indians to purchase USDT from WazirX digital asset marketplace and trade on Binance.com.
Nischal Shetty, WazirX CEO commenting said, “The next phase of mass adoption for Crypto will arise from developing nations around the world. India with more than a billion people is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built. The acquisition is yet another step towards achieving our shared mission with Binance of decentralizing the world,”
According to Binance, the acquisition and integration of WazirX is part of its plan to provide easy access and options to people to purchase cryptocurrency with fiat currency in a fast and secure manner.
Binance has continued to grow globally as it onboards partners and acquires firms thus strengthening its position as a leading figure in the global cryptocurrency business.
Image: Binance
