Binance Enters Indian Market With Purchase Of Local Crypto Platform WazirX
Binance has acquired WazirX, an Indian cryptocurrency exchange platform, hoping to expand its potential user base to more than a billion people..
“WazirX was the first cryptocurrency exchange in India to be acquired by an international trading platform,” WazirX said.
Thanks to this acquisition, residents of India will be able to buy and sell cryptocurrencies for rupees starting from November 25 through the exchange infrastructure..
WazirX CEO Nishal Shetty told The Block that Binance now owns 100% of the company, but declined to disclose details of the agreement. Presumably, the deal could be $ 5-10 million. All 20 WazirX employees will move to Binance.
IN first quarter of 2020 Binance is integrating WazirX, an automated peer-to-peer order matching engine, into its fiat service to make it easier for Indians to access cryptocurrencies. As part of the integration, users will be able to purchase Tether stablecoin for rupees through WazirX and then exchange it for cryptocurrencies using Binance.com.
“The acquisition of WazirX demonstrates our commitment to the people of India and the idea of strengthening the blockchain infrastructure in this country, and also serves as another step towards ensuring monetary independence,” said Binance CEO Changpeng Zhao.
WazirX was founded in March 2018 and has seen significant growth in trading volume. According to the exchange, its monthly turnover is $ 30 million, and the mobile application is one of the leading in India. WazirX also plans to host a crowdsale for its WRX token, which can currently be earned by users through the process of registering and trading on the platform..
In April 2018, the Reserve Bank of India banned regulated financial institutions from interacting with crypto companies, which forced several exchanges to close or go to foreign jurisdictions, while others are still trying to get a renegotiation of the decision..
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