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Digital Currency Revolution Series: Latest M&A Deal Between ‘Binance and Indian Crypto-Exchange WazirX’
Of late, we have been witnessing series of acquisition deals in 2019 within the gamut of cryptocurrencies. Some famous examples are: Gemini with NFT (Nifty Gateway), Ripple with MoneyGram, Binance with JEX, eToro with Delta, eToro with Firmo, iStox with Tokai.
For now, Binance, the renowned cryptocurrency exchanges in the world by market volume, has again been in the news for its the acquisition deal with India’s crypto-exchange WazirX. Binance has announced that their users on Binance’s platform would be able to buy and sell cryptocurrencies using Indian Rupees (INR) as they seem to be considering the opportunities meticulously in Indian market.
Recently, the Malta-based exchange, Binance has also acquired a crypto-derivatives trading platform ‘JEX’. ‘JEX’ is a crypto-asset trading platform offering spot and derivatives trading services. Thereby, Binance appears to be aggressively positioned in the gamut of crypto-assets as the strategic alliances are likely to fetch them synergy. JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market, providing Binance users with professional services including futures contracts, options and other derivative products.
Now, as per the latest announcement in Binance blogspot, WazirX’s unique auto-matching engine is going to be integrated with the Binance Fiat Gateway platform in Q1 of 2020, that brings easy access to over a billions of cryptocurrency users. The users on Binance.com would 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 CEO of Binance, Mr. Changpeng Zhao said, "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".
He further added "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.”
WazirX CEO, Mr. Nischal Shetty seemed optimistic and appreciated while adding his commentaries about the deal, “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”.