Binance, the world’s largest cryptocurrency exchange, has come far and wide in terms of developments and updates in the cryptocurrency industry. The Singapore based exchange has now expanded its network fully into India, with the giant acquiring one of India’s leading cryptocurrency exchanges, WazirX.
The Nischal Shetty founded Indian exchange had shot to popularity in the subcontinent because of its ease of use and the seamless transfer of digital assets. This acquisition also means that Indian users can buy and sell crypto with Indian rupees [INR] on the newly integrated Binance Fiat Gateway from November 25. Binance official blog revealed that the first quarter of the 2020 financial year would be really fruitful for the companies as well as its users.
During the same time, WazirX’s auto-matching engine will be integrated with the Fiat Gateway platform, opening up crypto avenues for a billion-plus people. Users will be able to conduct transactions using the Binance website or mobile applications. Those interested will be able to place purchase orders for USDT against the native Indian currency.
Changpeng Zhao, the CEO and Founder of Binance, had high praise for the Indian community and even believed that the country would play a massive role in shaping the cryptocurrency world. CZ stated:
“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. 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.”
The company’s CFO also opined that Binance was steadfast on developing methods to transfer funds across the globe and that they definitely could not ignore the potential of a vast untapped country like India.
India’s population has been a critical area of focus by several countries because some of the country’s smaller states have as many people as some of the most significant nations. Shetty, the CEO of the Indian exchange, asserted that the Indian cryptocurrency community was a force to be reckoned with, and the Binance acquisition functioned as a stepping stone for them.
India is one of several countries that Binance has stepped into with CZ also bringing on countries such as Uganda, Jersey, Singapore, and the US to his side.
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