Binance acquires Mumbai-based cryptocurrency startup WazirX
Global cryptocurrency exchange and blockchain ecosystem Binance on Thursday said it has acquired Indian bitcoin exchange, WazirX. With this acquisition, starting from November 25, users will be able to buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway.
Further, in Q1 of 2020, WazirX’s unique auto-matching engine will be integrated into the Binance Fiat Gateway platform itself, bringing easy cryptocurrency access to over a billion people, the statement said.
The Binance and WazirX team
Speaking about the acquisition, Changpeng Zhao (CZ), CEO of Binance, said,
"The young demographic in India gives 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”.
Users on Binance.com will also be able to directly place orders on Binance.com and the Binance iOS or Android app 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.
“Building fiat-to-crypto bridges remain a key mission for Binance, and WazirX will help this by providing a simple and cohesive way to purchase cryptocurrencies in a country, which is home to more than a billion people," added Wei Zhou, CFO, Binance.
Launched in 2018, WazirX is an Indian cryptocurrency exchange with more than 200,000 app downloads. The platform also launched the world's first auto-matching P2P (Peer-to-Peer) engine to help traders convert Indian Rupees to crypto and vice versa.
In addition to this, WazirX's latest unique feature, Smart Token Fund, helps crypto investors find expert traders, and let them manage their cryptocurrency portfolio.
“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 decentralising the world,” said Nischal Shetty, CEO, WazirX.
Earlier this year, India-based startup Matic Network successfully raised funding via the blockchain on Binance Launchpad and another project, Marlin Protocol, secured a $3 million seed round from Binance Labs, the investment arm of Binance.
(Edited by Megha Reddy)