Binance made a move into Indian’s huge crypto market with the acquisition of WazirX exchange platform.

With the acquisition of the WazirX exchange platform, Binance is set to take over the Indian huge crypto market.

According to a blog post on Thursday, the top crypto exchange giant gave the report but there were no indications or details as regards the deal they have contracted.

As regards the deal however, sources from the Economic Times estimated that the firm was acquired for $5 million–10 million.

However, there have been serious troubles with disruptions from the Central Bank Of India on local cryptocurrency banking services. In April 2018 saw the cryptocurrency banned by the banking authorizes and now the entrance of Binance is somewhat surprising.

Furthermore, this lead to the closure of many local crypto exchanges such as Zebpay, Koinex and some others since they can’t face authorities, while some also had to go on with only crypto to crypto as a decentralized network thereby avoiding anything with fiat system.

Now same structure is applicable to WazirX , which launched crypto-to-crypto and peer-to-peer trades earlier this year, according to the Economic Times.

Having launched Indian rupees on its Binance Fiat Gateway , stating that users of WazirX will soon be allowed to buy the tether (USDT) stablecoin with rupees via its WazirX and use USDT to trade any cryptocurrency offered by BInance.com. For sure, Binance has a way of out of banking issues.

To show our commitment towards the achievement of this purpose; freedom of money, the acquisition of WazirX shows our commitment on this and our dedication to the Indian people and strengthen the blockchain ecosystem in India as well as”, Binance CEO Changpeng “CZ ” Zhao said.

This deal poses a big issue for Binance as the government of the day in India still continues to push out more laws for complete outright ban on crypto transactions.

That notwithstanding, Binance anticipates it a risk worth taking if the price to be paid by the firm is low.

According to Binance CFO Wei Zhoub; “WazirX will help us achieve our mission towards our project to create fiat to cryptocurrency bridges by providing a simple and way to purchase cryptocurrencies in a country which is highly populated with billions of people ,”

 

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Credits:  Daniel Palmer

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