Binance a major Cryptocurrency exchange platform has acquired a well known Indian Crypto exchange called WazirX. This collaboration between the two institutions will help expand the exposure of Cryptocurrency and its benefits to more than a billion people. According to a media reports and publications on Nov 21st 2019 the Binance will allow Indian investors to buy and sell crypto’s in Indian currency as early as Nov 25th 2019. During the first quarter of 2020, WazirX’s auto-matching engine will be integrated into the Binance Fiat Gateway so that Binance.com users will be able to directly place orders on the flagship exchange to purchase Tether (USDT) against INR.
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With this integration, any crypto tradable on Binance.com will become accessible for those who purchase USDT via WazirX. In an interview given by the founder of the Indian crypto regulator founder to Cointelegraph Kashif Raza welcomed the development saying that this deal between the two corporations will give a morale boost to the Indian economy at a time of deep regulatory uncertainty. This volatility and unpredictability in the economy has palyed a role in WazirX decision to join hand s with Binance.
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Last year in the month of June 2018 after the central bank of India initiated a ban on bank’s dealing with the crypto related firm, WazirX shifted their business model by converting it into a P2P platform so as to avoid in house crypto fiat conversion. Other crypto exchanges like Coindelta have since been forced to terminate service altogether in the wake of government firm no nonsence policy against crypto business in India. In a statement, Binance Chief Financial Officer Wei Zhou remarked that building fiat-to-crypto bridges remain a key mission for Binance, adding that the acquisition of WazirX will help Binance reach out a billion more people.
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