One of the largest cryptocurrency exchanges Binance enters the Indian market with a billion potential users through a deal to acquire a local WazirX site.
Binance announced that already on November 25, residents of India will be able to buy and sell cryptocurrencies using fiat currencies, including the Indian rupee.
“Creating cryptocurrency trading gatewaysremains a key challenge for Binance and the WazirX team will help in this by providing a simple and understandable way to buy cryptocurrencies in a country with a billion residents, ”said Binance CFO Wei Zhou.
In addition, in the 1st quarter of 2020, the WazirX automated application matching engine will be integrated into the Binance fiat gateway. Then the Indians will gain access to trade USDT for rupees.
"Demographically, India is young, which givesan advantage in mastering and using new financial technologies, and I believe that this will play a vital role in turning India into a global innovation center for blockchain. This will encourage the use of cryptocurrencies among the general public of the country, ”said Binance CEO Changpeng Zhao.
In early November, Zhao announced that Binanceplans to add support for all 180 fiat currencies in the world. Then Binance announced the opening of a fiat gateway through the AdvCash payment system for depositing and withdrawing Russian rubles.