Binance Brings New OTC Options to Indian Market
Binance has expanded in the peer-to-peer OTC exchange space, after purchasing the Indian WazirX exchange.
Binance has acquired the WazirX exchange, one of the best-known Bitcoin (BTC) markets in India. The highly restrictive country is still a hotbed of crypto activity.
The acquisition will expand the Binance Fiat Gateway, a series of localized services for OTC trades. Recent expansion saw Binance offer the service for Chinese and Russian customers, as well as expanding to Nigeria.
"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 Changpeng “CZ” 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.”
The direct purchase will also open a gateway to acquire Tether (USDT), the stablecoin used as a chief liquidity source on Binance.com. Thus, Indian buyers will expand to a wider market of altcoins, as well as side services such as IEOs, or crypto lending with relatively high annualized returns.
“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,” said Nischal Shetty, WazirX CEO.
Binance has performed the acquisition as part of its expansion to global markets, especially developing regions. The exchange has offered its wallet and trading engine to partners, which have created Binance.US, as well as Binance Uganda, Binance Jersey, and Binance Singapore.
Currently, Binance Coin (BNB) trades at $17.44 after the recent sell-off. Binance has seen a significant outflow of altcoin trading, which has been compensated through side services.
The Binance fiat gateways available also connect to local fintech payment solutions, though the legality and freedom to transact may be put into question. Currently, Binance accepts Alipay for its OTC service in China, despite an official ban to trade crypto through the app.