Global cryptocurrency exchange Binance announced this Thursday that it has acquired the leading digital asset platform in India, WazirX, in order to launch multiple fiat-to-crypto gateways.
Following the acquisition, Binance, which has been actively expanding its presence in Asia, will facilitate the buying and selling of cryptocurrencies for people in India with fiat currencies through the Binance Fiat Gateway. This service will be effective from the 25th of November 2019.
WazirX is India’s largest and most trusted cryptocurrency exchange, according to the statement. In the first quarter of next year, the exchange’s auto-matching engine will be integrated into the Binance Fiat Gateway platform.
WazirX’s auto-matching peer-to-peer engine, which is reportedly the world’s first, allows traders to convert Indian rupees (INR) to crypto, and vice versa. It can also be used to deposit or withdraw INR in India.
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Commenting on the acquisition, CZ (Changpeng Zhao), Binance CEO said: “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 centre 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 partnerships continue to grow
Furthermore, as of next Monday, users will be able to place orders on Binance.com and the Binance apps to purchase Tether (USDT) against the INR. The integration is part of Binance’s growing list of global partners to provide easy access and more options for the purchase of cryptocurrency with fiat.
“The next phase of mass adoption for Crypto will arise from developing nations around the world,” added Nischal Shetty, the CEO of WazirX. “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 decentralising the world.”