Binance exchange is one of the topmost exchanges with diverse options to choose from. Recently fiat currency support like EUR, UAH was added to the exchange to support the Binance Fiat Gateway. Now, to enhance the cryptosystem in India, Binance has acquired India’s top Bitcoin exchange WazirX. The announcement further reported that, from November 25th, customers can buy/sell cryptocurrencies with INR (Indian Rupees) on the Binance Fiat Gateway.
WazirX’s peer-to-peer (P2P) engine will be integrated into the Binance Fiat Gateway platform in the first quarter of 2020. The Mumbai-based exchange’s unique auto-matching engine will benefit the users worldwide. The Binance users will be able to buy Tether(USDT) against INR via Binance Web and Mobile platforms.
Binance CEO is quite excited to work with young India’s Demography. “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,” said CZ (Changpeng Zhao), the Binance CEO. It will further strengthen the Indian blockchain system says CZ.
Coming to the WazirX CEO, Nischal Shetty believes that the acquisition by Binance gives an 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, he further adds. Nischal Shetty, founder of WazirX, will continue to run its operations independently from India.
Earlier this year, India-based startup Matic Network raised funds on the Binance Launchpad and another project, Marlin Protocol, secured a $3 million seed round from Binance Labs.
About WazirX –
WazirX is India’s largest cryptocurrency exchange. Nischal Shetty founded the exchange in 2018 and has developed the exchange to become topmost since then. The founder has also started a trend #IndiaWantsCrypto to educate the Indian masses about cryptocurrency.
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