Binance takes a leap of faith in India by acquiring WazirX


Binance seems to be spreading into new jurisdictions every day reaching towards its final goal of embarking people from all over the world onto the crypto boat.
And to bring people into Bitcoin and cryptocurrencies means to create easier fiat to crypto onramps that people can use to acquire digital assets with their cards.
Now, in opposition to other places of the world that have been more lenient when it comes to crypto, India has not been the most welcoming country for Bitcoin lovers.
From India, we many times received negative news about banning cryptocurrencies in 2018 by the Indian government and the Reserve Bank of India issuing a ban over any crypto-related purchases for entities regulated by RBI. It just seemed that the crypto space and India are not a match made in Heaven.
However, this did not stop Binance, one of the most powerful crypto exchanges in the world, to take a leap of faith when they decided to enter India by purchasing the crypto exchange WazirX.
By doing so, it goes to show that Binance truly believes in the power of crypto and does not stand down when obstacles emerge on its way.
WazirX, Binance’s new acquisition is based in Mumbai and it’s said to be worth from $5 to $10 million. The crypto company launched its operations this year and features both a crypto-to-crypto gateway and a P2P system.
Apparently, the peer to peer system will be carried out onto the Binance gateway somewhere in 2020. This will eventually allow customers to immediately trade in digital assets by first buying Tether.
Changpeng Zhao, Binance’s CEO, believes that this new path is one that would lead to success for both Binance and India as a country. As many young people tend to lean on technology more and more, Zhao believes that the blockchain technology will bring India closer to becoming a global innovation center.
Binance hopes to bring the crypto industry to third world countries and India is part of this plan. With more than 1 billion people in the country, developing crypto and blockchain technology would mean financial growth and access to a revolutionary means of payment or investment.

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