In a move that will delight the Indian crypto community, WazirX exchange has been acquired by the world’s largest crypto exchange Binance. The WazirX acquisition will make it the first Indian exchange to be acquired by an international one. In addition, this will also mark Binance’s first foray into the Indian market. Starting November 25, Indian users can buy and sell cryptocurrencies with INR through the Binance Fiat Gateway.
In its official blog, Binance informed that WazirX’s auto-matching engine will be integrated into the Binance Fiat Gateway platform in Q1 2020. Binance users will be able to directly place orders on Binance.com and trade by purchasing USDT against INR.
Binance CEO Changpeng Zhao (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. 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.”
“Fiat ramps play a critical role in deciding the size and adoption of crypto market. Binance has all the major traders in the world and WazirX has tried and tested technology for next-generation peer to peer exchange, together we can drive mass adoption across the globe by solving fiat ramps,” said Siddharth Menon, WazirX COO.
Speaking to Crypto Dost exclusively, WazirX CEO Nischal Shetty added, “With Binance coming in to help our cause for crypto in India, expect a much more rapid progress for the entire crypto ecosystem of India. WazirX will continue to innovate and grow the crypto ecosystem in India as well as build more fiat on ramps globally.”
WazirX has also confirmed that it will continue to run independently as a platform. The exchange has been continuing to add innovative features such as the Smart Token Fund to help investors with their crypto journey.
The acquisition by Binance is a validation of the Indian crypto ecosystem. Indian crypto companies can stand up and be counted at a global level if they are given a chance to flourish. It is time the Indian government gave them their due!