Binance expands into India and buys the WazirX crypto exchange
Blockchain

Binance expands into India and buys the WazirX crypto exchange

By Stefania Stimolo - 21 Nov 2019

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The expansion of the giant crypto-exchange BinanceBinance continues and this time it’s the turn of India through the acquisition of the WazirX platform, which will allow Binance Fiat Gateway, from November 25th, to introduce also the Indian rupees (INR).

According to what was announced today, Indian users, which represent more than 1 billion people, will have easy access to the crypto scenario thanks to the integration of the exclusive WazirX auto-matching engine on the Fiat Binance Gateway. 

In essence, users will be able to exchange INR with Tether (USDT) and then access directly the Binance exchange, both from the website and apps, to perform trading actions. 

Not only that, thanks to the native token of WazirX (WRX) it seems that the involvement of the Indian population in the crypto world has grown progressively with, to date, about 64,000 users owning WRX.  

Nischal Shetty, CEO of WazirX, commented:

“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”.

On the other hand, Binance CEO Changpeng Zhao described his interest in the Indian people as follows:

“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. 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.” 

Binance’s continued expansion has caused CZ’s twitter account to go haywire.

The current news of Binance in India comes immediately after other collaborations involving other countries. Just yesterday, in fact, the partnership between Binance and Papara was announced to facilitate the fiat-to-crypto gateway also for Turkey, introducing the Turkish lira (TRY) on the platform. 

A continuous movement on the part of CZ behind the ongoing expansion of Binance, not only digital or corporate but also physical, witnessed directly on Twitter that, however, appears to have not sustained the load.

In fact, CZ’s official account has been blocked for 24 hours, probably because of Zhao’s continuous changes of IP when publishing his posts. 

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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