Binance acquires India’s WazirX; announces option to buy crypto using INR

Binance, the world’s largest cryptocurrency exchange by market volume, is in the news again after the Malta-based exchange announced the acquisition of WazirX, India’s foremost Bitcoin exchange. In yet another sign of Binance now beginning to take the Indian market seriously, the exchange has also announced that users on Binance’s platform will be able to buy and sell cryptocurrencies using Indian Rupees [INR].

According to a press release shared with AMBCrypto, WazirX’s auto-matching engine will be integrated with Binance’s Fiat Gateway by Q1 of 2020. It also said that the acquisition will allow the use of India’s fiat currency to purchase crypto on Binance’s platform, while also bringing a market of over a billion people closer to easy cryptocurrency trading access.

The fiat gateway will also allow users to trade any digital asset on Binance.com, with the purchase of USDT on WazirX’s own platform.

News of the acquisition was met positively by many in the cryptocurrency community, including Binance CEO Changpeng Zhao and WazirX’s Nischal Shetty. Welcoming the announcement, CZ said,

“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.”

The CEO of the Malta-based exchange also believes that the acquisition will allow India to emerge as a global blockchain innovation center.

WazirX’s Shetty welcomed the acquisition as well, with the CEO of the Indian crypto-exchange commenting,

“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.”

Talking to AMBCrypto about the development, he said,

“We launched WazirX in March 2018. WazirX will continue to operate as an independent brand and ensure we bring in more improvements aimed at the Indian audience….. WRX will be launched as well. It’s our own exchange backed token which we initially gave to our early users. Similar to BNB”

However, this isn’t the first time the Malta-based exchange is foraying into the Indian market or getting involved with India-based crypto and blockchain start-ups. A few months back, Binance Launchpad was involved with the fundraising of Matic Network, a blockchain start-up based in Bengaluru, India.

The development in question comes on the heels of Binance expanding its global reach. Just a few days ago, the Malta-based exchange had unveiled a Turkish lira fiat gateway to cater to growing crypto-interest in Turkey. A few weeks back, Binance had also announced a fiat-to-crypto gateway for Africa, as well as a Russian Ruble fiat gateway in partnership with Advcash.