Leading crypto exchange by popularity and use, Binance, acquires WazirX, a leading crypto asset platform in India to release multiple fiat-to-crypto payment options based in Indian Rupees (INR).
Binance, the leading Maltese Crypto Exchange, is making major moves into the Indian crypto market following the recent acquisition of WazirX platform. This is the largest digital asset network that can facilitate the exchange of fiat for crypto within India’s FinTech ecosystem.
As of November 25th, Binance users can use the network’s Gateway to exchange Indian Rupees (INR) for crypto coins. Come the first quarter of 2020, the auto-matching engine machine within WazirX’s design will also be integrated with the Binance Gateway. This is expected to make crypto transactions seamlessly easy for Indian clients on Binance; they will be able to make USDT purchases at the comfort of their phones.
Changpeng Zhao, the CEO of Binance, noted that the move is strategic given India’s young market;
“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”
He added that the WazirX acquisition shows Binance’s commitment in the path towards financial freedom and building a stronger blockchain networks in India. According to the crypto exchange’s CFO, the main opportunity with WazirX is creating more fiat-to-crypto links which is among the major goals of Binance.
WazirX CEO, Nischal Shetty, echoed that the acquisition is mutually beneficial as they can realize a vision, they share with Binance. Furthermore, this places WazirX at a better place to penetrate developing markets where crypto-fiat bridges might solve some inefficiencies;
“The next phase of mass adoption for Crypto will arise from developing nations around the world. Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built.”
The WazirX digital token (WRX) has been a key instrument in driving the network’s popularity. At the moment, about 64,000 users hold this digital asset although the number is expected to increase in a token sale being discussed. Fiat ramp solutions and a Binance market share might just be the perfect catalyst for global adoption of both technologies.
Binance’s India Blockchain Projects
The Malta-based coin exchange has supported a number of FinTech projects within India’s market. Earlier in 2019, Binance through its investment wing ‘Binance Labs’ financed Marlin Protocol to a tone of $3 million during the startup’s seed round. Another blockchain-based project dubbed ‘Matic Network’ successfully raised its funding via the Binance Launchpad ecosystem. Finally, through Binance X the exchange is mentoring a blockchain community in India’s Bengaluru.