The most popular cryptocurrency exchange in the entire world Binance has acquired a crypto exchange start-up, WazirX. By the looks of it, Binance’s acquisition of the start-up based at Mumbai might bring some change in the sphere of cryptocurrency in India. The sources are predicting that Binance acquired WazirX at $5-$10 million.
In the past two years, cryptocurrency exchanges in India are being shut down because there isn’t transparency in regulation. On the other hand, the acquisition is regarded as the first-ever significant acquisition concerning cryptocurrency. Moreover, the purchase will help Binance to get into the incursion of the infancy of the cryptocurrency market. Binance is one of the top-most cryptocurrency exchanges around the world.
At the beginning of 2019, WazirX did begin its operations around the world. Additionally, the crypto-crypto and peer-to-peer transactions are getting incredibly popular for quite a few months now.
WazirX will help Binance to become a better exchange:
WazirX has curated a one-of-a-kind peer-to-peer engine that would seamlessly integrate into the Gateway platform of Binance Fiat. The sources close to the acquisition have told that in 2020’s first quarter, the integration of the peer-to-peer engine of Wazir into Binance will take place. The users will be able to trade with any of the digital assets which are available on Binance; however, they have to purchase Tether or USDT. By the looks of it, Tether or USDT is a cryptocurrency based on blockchain technology, which has the origin from the P2P market of WazirX.
Changpeng Zhao, the CEO of Binance said that India has a very young demographic that provides an edge for the curation and adoption of financial technologies. Zhao feels that this would play a crucial role in making a country like India, an innovative center for worldwide blockchain innovation. India also has a significant population rate, which will help cryptocurrency to gain traction in the country.
Zhao said that India is going to be one of their first attempts to stimulate access and financial growth into the developing countries. Binance will work towards initiating cryptocurrency adoption by lowering the level of barriers. Zhao has revealed his goal of incorporating much more fiat currencies to its ecosystem. Binance is also planning to work alongside local partners for adding several fiat-to-crypto exchanges for the foreseeable future.
Will the acquisition help WazirX with anything?
WazirX’s founder, Nischal Shetty, revealed that the Bitcoin exchange will still be running operations from India without any hassle. Further, the acquisition would help WazirX to expand its P2P businesses geographically. Developing nations would bring forward to the next stage of cryptocurrency adoption. India has a population of over a billion, so the mass adoption of cryptocurrency is very much possible in the country.
Sixty-four thousand users across the globe currently use WazirX. Siddharth Menon, the COO of WazirX, said that Fiat ramps would play a crucial role in deciding the adoption and size of the cryptocurrency market. Currently, Binance has significant traders, whereas WazirX has cutting-edge technology, and together they will change the world. There is still hope for the adoption of cryptocurrency in India and other developing nations.