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.
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
— Nischal (WazirX) ⚡️ (@NischalShetty) November 21, 2019
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.
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…