Malta-based cryptocurrency exchange Binance has announced the acquisition of popular Indian exchange WazirX.
As a result of the deal, Indian traders will be able to purchase cryptocurrency on Binance using Indian rupees from November 25.
WazirX was launched in 2018 and has since become India’s largest cryptocurrency exchange by volume.
One of the first exchanges to launch peer-to-peer order matching for Indian rupees to crypto, the exchange has become an important part of the Indian crypto ecosystem.
Binance described the acquisition as a means to launch “multiple fiat-to-crypto gateways”, which has been top of Binance’s agenda through offerings like Binance Jersey for GBP and Binance LCX in Lichtenstein.
The integration will allow users to trade USDT and the Indian rupee stablecoin (INR) purchased from WazirX against any digital asset available on Binance.
Commenting on the acquisition, Binance CEO Changpeng Zhao said:
“The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthening the blockchain ecosystem in India. It’s another step forward in achieving the freedom of money.”
Nischal Shetty, CEO of WazirX, tweeted that current users of the WarzirX exchange will still be able to use their original wallets, and that users should expect “deep integration” into the Binance ecosystem soon.
You can continue to use both wallets. We'll disclose more details about our deep integration into Binance soon.
— Nischal (WazirX) ⚡️ (@NischalShetty) November 21, 2019
WarzirX COO Siddharth Menon described the importance of fiat-to-crypto ramps for cryptocurrency traders:
“Fiat ramps play a critical role in deciding the size and adoption of the cryptomarket. Binance has all the major traders in the world and WazirX has tried-and-tested technology for next-generation peer-to-peer exchange. Together we can drive mass adoption across the globe by solving fiat ramps.”
Binance has been expanding its operations through several acquisitions, launches, and partnerships over the last 18 months.
In August last year, Coin Rivet reported that the exchange had acquired Trust Wallet, a move which supported the launch of the Binance DEX and offered a greater range of crypto storage options for Binance customers.
Similarly, Binance US launched earlier this year to offer cryptocurrency trading to the North American market.
It seems that Binance’s strategy is to offer fiat-to-crypto offerings in each major currency zone across the globe to maximise access to cryptocurrency markets.