In a momentous deal, world’s leading digital currency exchange Binance has acquired India’s foremost cryptocurrency organization WazirX. As the news is making rounds, Indian crypto believers are getting cheery considering the fact that this path-breaking collaboration will be the reason behind a massive entry of cryptos in the country.
With this acquisition, investors in the region can buy and sell cryptocurrencies with Indian rupees (INR) from November 25 using the Binance Fiat Gateway. This initiative is significant for the nation as well as for the crypto market as it will be a gateway to the fastest-growing economy i.e. India. Notably, the Indian government used to have a bit negative stance regarding the use of cryptos in the country, due to its decentralized nature and vulnerability to terror funding and money laundering. This acquisition by Binance is set to open doors for the leading crypto-coins, and India is likely to benefit from the immense potential of digital currencies.
Moreover, Binance has revealed the update in a tweet,
— Binance (@binance) November 21, 2019
Nischal Shetty, the CEO of WazirX and a crypto-advocate, who has been the driving force of crypto-scene in India, has also tweeted confirming the news.
Historic day for Indian Crypto ecosystem.
Binance is on a mission to make Crypto accessible to everyone in the world and WazirX is proud to join hands.
— Nischal (WazirX) ⚡️ (@NischalShetty) November 21, 2019
Additionally, Binance has come up with a blog-post on its website, in which it has elaborated further regarding the acquisition. Here, Binance CEO, CZ has noted,
“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.”
On the other hand, WazirX CEO has stated,
“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.”
It is important to note here that at present, WazirX, the most trusted bitcoin exchange, provides the most hassle-free and rapid service in India to deposit or withdraw Indian Rupees. Recently, the platform has come up with a feature named Smart Token Fund, in which investors can find expert-traders to manage their cryptocurrency portfolio. This latest acquisition of WazirX by Binance is set to create an engaging scenario in the nation, regarding cryptocurrencies.