Global cryptocurrency exchange and blockchain ecosystem, Binance, has today announced that it has acquired Indian cryptocurrency startup WazirX. With the acquisition, Binance will now start offering the option for users to buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway from November 25 onwards.
Speaking about the new development, Nishchal Shetty, stated that it’s a landmark moment in the Indian cryptocurrency industry, as it’s the first time that such a leading global exchange has acquired Indian cryptocurrency startup. This will fuel more resources to the Indian cryptocurrency industry, according to Shetty.
Shetty also said that he would continue leading the cryptocurrency exchange as well as the P2P globally. Binance said its users will be able to directly place orders on the web platform or the Binance apps to purchase Tether (USDT) against INR. This integration will allow users to trade any digital asset available on Binance.com with the purchase of USDT from the WazirX digital asset marketplace.
Commenting on the acquisition, CZ (Changpeng Zhao), Binance CEO said, “The young demographic in India give an edge to adopt and build 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.”
WazirX’s native token WRX has been available to the community through trade mining and signups, and the press release on the acquisition said a token sale is under consideration. The statement also said that about 64,000 users hold WRX.