- Binance finds its way into the Indian market with WazirX acquisition
- Binance acquires WazirX for $10 million
- Binance and WazirX Aims to Boost the Adoption of Digital Currency in India
Cryptocurrency News today – The largest digital currency trading platform by trade volume – Binance – finds its way into the Indian market by acquiring WazirX. This move is tagged as one of the potential turning points for the Indian digital currency ecosystem. The Indian crypto ecosystem has been through a lot, as the ambiguous digital currency regulations in the country has caused many trading platforms to call it quits and cruelly diminished the spirits of digital currency enthusiasts in the country.
Binance Enters the In`dian Market by Acquiring WazirX Exchange
The recent acquisition of WazirX offers an atom of hope that India could finally pave the way for digital currencies. Binance acquired the trading platform for $10 million. In an official post, Binance said that users would be able to sell and buy digital currencies using Indian Rupees starting from Nov. 25 this year.
Bitcoin (BTC) Price Today – BTC / USD
The unique P2P auto-matching engine of WazirX will be integrated into the Binance fiat gateway platform, providing millions of users with easy access to digital currencies. After this incorporation, Binance users would be able to place orders and buy USDT against Indian Rupees through Binance.com, Binance Android and iOS application. After users buy USDT from WazirX, they can trade it for a wide range of digital currencies available on the Binance platform.
Binance and WazirX Aims to Boost the Adoption of Digital Currency in India
Changpeng Zhao AKA CZ – the CEO and founder of Binance – was happy to announce the news. India has a young demographic, and this plays a vital role in creating and adopting new technologies as a broader public is receptive to innovation. In a statement, Zhao said:
“Through this acquisition, I am confident that Binance and WazirX can trigger a more extensive digital currency adoption rate and make India an epicenter of blockchain development.”
CZ also said that Binance is focused on adding more and more fiat monies to its growing network. The firm is also working with local partners to support as many fiats to digital currency pairs as possible. Binance is a step closer to its goal by acquiring WazirX. Meanwhile, Nischal Shetty – the founder of WazirX exchange – said that he would continue to run the business out of India independently.
He also added that the next major wave of digital currency adoption is likely to emerge from a developing nation such as India, where over a billion people can contribute to the expansion of the business.