India’s WazirX Asset Platform Acquired by Binance
On November 21st, 2019, Binance announced that they have acquired India’s leading digital asset platform, WazirX, “to launch multiple fiat to crypto gateways.” This means that users will be able to buy and sell cryptocurrency with Indian Rupees using the Binance Fiat Gateway in Q1 of 2020.
This acquisition will allow 1 billion people to access cryptocurrency, bringing us one step closer to mass adoption in this space. Wei Zhou, Binance CFO had the following to say on the matter:
“Building fiat-to-crypto bridges remain a key mission for Binance, and WazirX will help this by providing a simple and cohesive way to purchase cryptocurrencies in a country which is home to more than a billion people.”
“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.” said Nischal Shetty, WazirX CEO.
Users of Binance will be able to place orders of Tether (USDT) against INR using the Binance.com platform or the iOS/Android apps. Any digital currency on the Binance platform will be available to obtain with the purchase of USDT from the WazirX marketplace.
“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,” said CZ (Changpeng Zhao), Binance CEO. “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.”
This acquisition is Binance’s third in India, showing their passion for making crypto accessible to everyone.