Binance Adopts WazirX: Allowed to Buy/Sell Crypto Using INR

WazirX – India’s most-trusted and largest cryptocurrency exchange has been adopted by the world’s largest cryptocurrency exchange – Binance

Yes, you had heard the right news, on November 21, 2019, India’s first-ever digital assets exchange WazirX, is acquired by an international digital asset exchange, Binance. To get all the insights of this sanction to keep on reading our 3 min read article. We have collected all the knowledge one will be keen to know about…

Binance – World’s Largest Blockchain Ecosystem

Binance is the international cryptocurrency exchange platform, was established with an aim to bring advancement in the blockchain system and hence collaborated with so many arms and keep on doing the same.

Another factor helping Binance to stand out from other global digital assets exchange platforms is its trading in 180+ countries and regions and serving a wide range of users across the world. Its ecosystem is comprised of:

• Binance Labs: the venture arm of the platform and established with a pre-defined thought of empowering cryptocurrency entrepreneurs and blockchain system.
• Binance DEX: DEX stands for “decentralized exchange”. DEX is a product of the platform build to bring decentralized-based trading in the trading market of cryptocurrency.
• Binance LaunchPad.
• Binance Academy
• Binance Research
• Binance Charity Foundation
• Binance X and various others

WazirX – India’s Leading Digital Asset Platform

WazirX is the cheapest and trusted cryptocurrency exchange platform to sell, buy and trade digital assets like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Tron (TRX), Ripple (XRP), etc.

WazirX was launched in 2018 and now it is the highest-rated crypto app in India with 200,000+ app downloads. Moreover, it has launched and innovated the first peer-to-peer (P2P) auto-matching engine in the world, which allows the traders to convert INR (Indian Rupees) to crypto and vice versa.

Today, it is the fastest, simplest, and most-used method used by crypto traders to deposit and withdraw money in India. Smart Token Fund, it’s one of the unique features, helps the investors to find expert traders and allow them to manage the whole digital asset portfolio.

Reasons behind the partnership of Binance with WazirX

The news that Mumbai-based digital asset exchange WazirX has been joined by the Binance is confirmed by Nischal Shetty, WazirX CEO on 21st November 2019, Thursday. The reason he explained behind this acquisition is that Binance is highly influenced by the WazirX P2P (peer-to-peer) platform and wants to use the same technology to innovate and launch fiat gateways in other countries of the world.

Effects of the acquisition of India:

Are you thinking that Binance is just to strengthen its blockchain ecosystem….? Then, let us clear your view completely. This step of Binance will not only strengthens the blockchain ecosystem but also make the world decentralized. Other benefits that the Indians would enjoy include:

1. They can trade in the cryptocurrency using Indian Rupees (INR) i.e. they can buy and sell cryptocurrency using Indian currency.
2. Indians can invest money in the crypto world and can gain huge profits.
3. Binance is also providing other crypto business services like major traders of Binance will let WazirX platforms (STF, WRX, and various others) to explore all over the world.
4. India would get a unique and decentralized financial technology that would be easily adapted by the young demographic in India. Moreover, India – the home of billions of creative minds can serve as a perfect platform to launch the same technology.
5. India’s crypto-exchange platform, WazirX will get the support of the global crypto ecosystem- Binance which is great in all the ways for all the platforms launched by it.

Other Benefits of their Partnership:

1. Spur cryptocurrency adoption in India: We know that the cryptocurrency has gained not only the media attention but also the public attention in the past few years, but still not that damn popular in the country, India. So, this initiative of Binance to acquire WazirX will make the Indians more aware of this latest financial technology and terminology and then only they will play a vital role in it.
2. Strengthens the Blockchain Ecosystem: Binance’s decision of acquisition shows their dedication and commitment to the Indian people. Moreover, this decision will let them take a step forward towards their goal of achieving freedom in finance and hence will strength the blockchain ecosystem.
3. Help find smart traders: Binance is going to use the STF – Smart Token Fund launched by the WazirX to help the crypto enthusiasts find an expert and smart traders so that they can grow their digital asset portfolio.
4. WazirX’s world-class mobile apps: The app has 200,000+ downloads that will not help the people to trade easily but also will increase the number of people involved in the crypto world.
5. Fiat-to-crypto bridges will get established: The key mission of building the fiat-to-crypto bridges of both the crypto exchange platforms will provide a cohesive and simple way to buy digital assets to India, which is the home of billion+ people.
6. Solve Fiat Ramps: Fiat Ramps helps to handle the deals with the banks, deciding the adoption and size of the crypto market. So with this collaboration, Binance will provide its all major traders to WazirX and WazirX with its P2P system will drive mass adoption of crypto exchange by solving the fiat ramps across the globe.
7. Decentralized the world: Acquisition will give Binance an opportunity to let billion of people to adopt crypto and this massive adoption will let it achieve its mission of making the world – decentralized one.
8. New financial technology can be easily built: India is a country of millions of young minds and these young minds can easily adapt to the new bought technologies and hence will also allow building a new, unique and full-fledged decentralized financial technology.

In a nutshell:

Binance acquires WazirX to fulfill its mission of decentralizing the world and this step will let them move one step further towards their goals and also billions of Indian people will now be able to trade in the crypto world by exchanging the Indian Rupees with crypto and vice versa.