India’s cryptocurrency industry is still in the throes of uncertainty. However, today’s announcement from Binance is promising. The exchange has acquired WazirX, one of the most trusted P2P exchanges in India. Consequently, this will bridge the fiat-crypto gap for billions of Indians no later than the first quarter of 2020.
Starting November 25th, Binance platform users will be able to trade crypto, using Indian rupees. According to the CEO of Binance Changpeng Zhao (CZ), the Binance Fiat Gateway will integrate WazirX’s unique auto-matching P2P engine by Q1 of 2020.
Particularly, WazirX digital asset marketplace will offer Binance users a gateway fo buying USDT against INR. Using USDT (Tether), traders can then purchase any digital asset available on Binance.com. This engine will be available on the website and for both iOS and Android Apps.
It’s a number game, really. According to LocalBitcoins India, the country traded crypto assets worth $1 million last week. And this emphasizes that India is a market with tremendous potential.
CZ emphasized the company’s commitment to Indian traders. Thus, he believes India has all it takes to adopt crypto, particularly, because of the young demographics.
Currently, Binance is on a global mission to bridge the fiat-crypto gap. And moving to India looks like an ingenious step because the market is ripe. Incidentally, the mission treads beyond crypto. It also targets to strengthen the Indian blockchain ecosystem as such.
According to WazirX CEO Nischal Shetty, the company shares its mission with Binance. And that is to decentralize the world. He stressed that developing nations like India are ready for the mass adoption of crypto.
But a part of the puzzle is missing. Explaining it further, WaxirX COO Siddharth Menon said that mass adoption requires fiat ramps. And that is what this acquisition is trying to achieve. Binance brings in the major traders while WazirX offers its established P2P setup. This combination will provide Indians a trusted fiat gateway to the crypto world.
Previously, we covered the regulatory updates in the Indian cryptocurrency market.