In a press release published today, Binance announced that it would be integrating India’s premier cryptocurrency exchange, WazirX’s P2P trading platform, into its system starting February 13.
— Binance (@binance) February 8, 2020
‘Amazing Things’ Ahead
The announcement further clarified that the incorporation of WazirX’s platform would allow users to transfer funds instantaneously between their Binance and WazirX platform.
Furthermore, Binance users who do not have a WazirX wallet will be able to sign in to the platform through their existing Binance accounts. This is expected to “open up the door for millions of Binance users to use WazirX P2P,” a blogpost by WazirX stated.
“With WazirX P2P deeply integrated into Binance fiat gateway, millions of Binance users will be able to buy/sell USDT via our highly liquid P2P engine right from within the Binance platform,” it added.
Hence, users will also be able to move Tether (USDT) from one wallet to the other internally. This feature will be available for users in India starting next week, and be rolled out to other countries subsequently.
A Sneak-peak of the Binance-WazirX Integration
Binance – WazirX Partnership
WazirX first partnered with Binance three months ago through their shared goal of spreading freedom of money across the globe. Binance acquired the WazirX platform in November 2019 in an effort to expand its fiat-to-crypto gateways.
Earlier this week, Binance Launchpad, Binance’s token launch platform, organized a WazirX token sale to great success. Following this, the platform also listed WazirX’s native token, WRX, for trading with BNB, BTC, and USDT.
WRX exceeded expectations in terms of performance on its very first day of trading: it became the number one coin on the platform as soon as it went live and was trading well over 3x of its initial price offering.
WRX to USD Day 1 Price Analysis
As of today, the WRX token is also available for trading on CoinMarketCap, CoinDCX, and Koinfox, apart from Binance. Shetty stated that the WazirX community looked forward to more collaborations with other global exchanges and invited the crypto community to work together to “build a strong crypto ecosystem”.
#WRX now on Binance, WazirX, CoinDCX and Koinfox
Let’s get it on more exchanges and products?
We look forward to collaborations with all the exchanges globally. Together, we can build a strong crypto ecosystem ✌️ https://t.co/GgeuPUXDQm
— Nischal (WazirX) ⚡️ (@NischalShetty) February 5, 2020
WazirX CEO Pushes Forward with #IndiaWantsCrypto Agenda
In 2017, WazirX CEO Nischal Shetty launched what became India’s most trusted and largest crypto exchange with the aim of solving the nation’s fiat-to-crypto problem.
In a tweet posted today, Shetty celebrated WazirX’s deep integration with the Binance ecosystem as “taking another step forward in solving the Fiat < > Crypto problem globally.”
Taking another step forward in solving the Fiat <> Crypto problem globally.
Next week, we launch our deep integration with Binance so that you can start using WazirX P2P with your existing Binance account.
— Nischal (WazirX) ⚡️ (@NischalShetty) February 8, 2020
India’s crypto community has celebrated WazirX’s integration and its recent spectacular performance on social media. Within 18 months of its launch, WazirX has become the go-to means for depositing and withdrawing INR in India, and it is only expected to grow steadily.
This is despite the Indian government and the central bank’s (RBI) unfriendly crypto regulations. In fact, in a 2018 circular, the RBI banned Indian financial institutions from dealing with crypto, and the Central government is currently discussing a bill banning crypto-related activities in the nation entirely.
In the face of such opposition, India’s crypto community is campaigning and advocating for friendlier regulations so that the country is not sidelined as the world innovates in this niche sector. Nischal Shetty’s #IndiaWantsCrypto hashtag has become the cry for mass adoption of crypto in India.