Binance Acquires India’s Leading Digital Asset Platform WazirX to Launch Multiple Fiat-to-Crypto Gateways
Update 5th August 2022: We would like to clarify that the 2019 'acquisition’ described in this blog was limited to an agreement to purchase certain assets and intellectual property of WazirX. Binance did not purchase any equity (and does not own any equity) in Zanmai Labs, the entity operating WazirX and established by the original founders. In addition, WazirX (including the foregoing assets) continues to be operated and managed by Zanmai Labs.
Starting November 25, people in India can buy and sell cryptocurrencies with fiat currencies through the Binance Fiat Gateway.
Global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its acquisition of WazirX, India's most trusted bitcoin exchange. Starting November 25, you can buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway.
In Q1 of 2020, WazirX’s unique auto-matching engine will be integrated into the Binance Fiat Gateway platform itself, bringing easy cryptocurrency access to over a billion people. Users on Binance.com will be able to directly place orders on Binance.com and the Binance iOS or Android app to purchase Tether (USDT) against INR. This integration will allow users to trade any digital asset available on Binance.com with the purchase of USDT from the WazirX digital asset marketplace
"The young demographic in India give an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country," said CZ (Changpeng Zhao), Binance CEO. "The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”
"Building fiat-to-crypto bridges remain a key mission for Binance, and WazirX will help this by providing a simple and cohesive way to purchase cryptocurrencies in a country which is home to more than a billion people," said Wei Zhou, Binance CFO.
“The next phase of mass adoption for Crypto will arise from developing nations around the world. India with more than a billion people is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built. The acquisition is yet another step towards achieving our shared mission with Binance of decentralizing the world,” said Nischal Shetty, WazirX CEO.
"Fiat ramps play a critical role in deciding the size & adoption of 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," said Siddharth Menon, WazirX COO.
The native WazirX token (WRX) has played an instrumental role in driving user growth and community engagement on the WazirX platform. WRX is currently available to the community through trade mining and signups and an upcoming token sale is under consideration. About 64,000 users hold WRX.
In addition to providing an advanced cryptocurrency trading platform to Indian users, Binance has also focused on supporting and developing the Indian blockchain system as a whole. Earlier this year, the India-based startup Matic Network successfully fundraised via the blockchain on Binance Launchpad and another project, Marlin Protocol, secured a USD$3 million seed round from Binance Labs, the investment arm of Binance. Binance X, an initiative to foster innovation in the Binance ecosystem has begun its grassroots efforts to stimulate blockchain development and support in India with its recent event in Bengaluru to invite participation for its fellowship program to the Indian blockchain community.
The WazirX acquisition and integration are part of Binance’s growing list of global partners to provide easy access and more options to people throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner. For more information on buying and selling cryptocurrencies on Binance’s Fiat Gateway channel, please visit https://www.binance.com/en/buy-sell-crypto.
In addition, Binance licenses its matching engine and wallet technologies to several partner platforms, including Binance Uganda, Binance Jersey, Binance Singapore, and newly launched Binance US, which offer fiat-crypto trading functions across a variety of currency pairs.
About Binance
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven BNB Chain blockchain), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability), Binance X (developer-focused initiative) and Trust Wallet (its official multi-coin wallet and dApps browser). For more information, visit: https://www.binance.com
About WazirX
Launched in 2018, WazirX is India's largest and most trusted cryptocurrency exchange with more than 200,000 app downloads with an average rating of 4.4. They have recently gone global. WazirX also launched the world's first auto-matching P2P (Peer-to-Peer) engine to help traders to convert Indian Rupees to crypto and vice versa. Today, it is the simplest, fastest and most-used method to deposit or withdraw Indian Rupees in India. WazirX's latest unique feature, Smart Token Fund, helps crypto investors find expert traders, and let them manage their cryptocurrency portfolio. To learn more about WazirX, visit: https://wazirx.com/