The recognized and leading cryptocurrency exchange Binance announced it has purchased the crypto trading platform WazirX. The main goal behind this acquisition is to help individuals in the country have access to fiat-to-crypto gateways.
Binance Acquires Indian Exchange WazirX
In a recent blog post released by Binance, they announced that starting on November 25, people in India will have the possibility to buy and sell cryptocurrencies with fiat currencies.
WazirX is one of the most recognized and trusted exchanges in India. In just a few days, users will be able to start handling cryptocurrencies with Indian rupees (INR) on the Binance Fiat Gateway.
The auto-matching engine used by WazirX will be integrated into the Binance Fiat Gateway platform and provide access to cryptocurrencies to over a billion people. At the same time, users on the Binance platform will be able to purchase Tether (USDT) against INR as well.
About this deal, Changpeng Zhao, the CEO of Binance commented:
“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 on saying that this acquisition shows they are committed and dedicated to the Indian people. They also want to strengthen the crypto market in India considering it has been heavily affected by regulations and an unclear legal framework.
The cryptocurrency market in India is somehow complicated. Although there is no official ban on cryptocurrencies, many exchanges in the country had to shut down their operations during the last few years.
The Reserve Bank of India (RBI) imposed hard regulations to banks dealing with cryptocurrency businesses. These financial institutions are not allowed to deal with cryptocurrency businesses. Despite this situation, peer-to-peer crypto trading remains legal in the country.
This nee partnership between Binance and WazirX will be very important for the development of the whole cryptocurrency industry. Individuals will have the possibility to have fiat access to the crypto market and handle digital assets as they used to do before the regulations were implemented.
Binance has been working throughout the last year in order to launch new fiat-to-crypto on-ramp exchanges. Some of them include Binance Uganda, Binance Jersey, Binance Singapore and Binance US.
All of the aforementioned platforms have different fiat currencies that would help users buy and sell digital assets in a fast and easy way.