India’s current biggest cryptocurrency exchange WazirX is bought and now acquired by Binance officially. According to an article, the deal was around $5 – $10 mn. Though the amount is not disclosed in official statements. WazirX announced it on 21 November 2019 from his official blog.
Binance is the world’s largest cryptocurrency exchange and blockchain system right now. They want to expand their footprints all over the world. Buying WazirX is just a part of that. They already build FIAT to cryptocurrency ecosystems of their own and with this acquisition, they are making themself strong. As per the CEO of Binance –
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 countryChangpeng Zhao, Binance CEO
Indian users can buy and sell cryptocurrencies from Binance Fiat Gateway from 25 November 2019 onwards. Binance team also mentioned in their blog that they are going to integrate WazirX’s auto-matching engine to the Binance platform itself. This will help binance registered users to directly place orders on binance.com against INR(USDT). You can register to Binance from here.
WazirX was launched in March 2018 and started first in the world fully automated P2P trading. They launched their P2P shorty after RBI imposed banking ban on cryptocurrencies. Trading cryptocurrencies with WazirX is very easy and secure as per the other available options. You can check out this article explaining how easy is to trade using WazirX. They get all the limelight because of their easy to use exchange and become #1 exchange in India.