Indian digital asset platform WazirX acquired by the world’s largest cryptocurrency exchange

Indian digital asset platform, WazirX, has been acquired by Binance, the world’s largest cryptocurrency exchange and Blockchain ecosystem. With its successful acquisition, WazirX has now become India’s first-ever cryptocurrency exchange to be acquired by an international one.

WazirX was launched in March 2018 and has witnessed substantial growth in volume and adoption since then despite regulatory hiccups. The platform innovated and launched WazirX P2P – the world’s first auto-matching P2P engine – shortly after the RBI imposed a banking ban on cryptocurrency exchanges in the country. The move proved to be a game-changer and made the platform cheapest, fastest, and simplest way to trade cryptocurrencies using INR in India. Following the Binance acquisition, WazirX will be able to extend its P2P advantage to more countries and solve crypto conversion problem for the masses.

“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 decentralising the world,” said Nischal Shetty, WazirX CEO.

"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 centre 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.”