Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
WazirX and Binance joined forces via API to offer Binancians the possibility of P2P trading, the opportunity to work with USDTand INR, as well as other new functionality.
Binance has announced the integration of Indian Rupee through WazirX. The integration via the API will occur on 13.02.2020. Binance users will receive the right to transfer funds between their WazirX wallet and Binance without any burdens. If you already have a Binance account, you can sign into WazirX using these credentials. Per the official announce, WazirX’s Jai Hind is excited that millions of Binance users worldwide will have access to the Indian market:
“With WazirX P2P deeply integrated into Binance fiat gateway, millions of Binance users will be able to buy/sell USDT via our highly liquid P2P engine right from within the Binance platform. Moreover, you can also move USDT from your WazirX wallet to the Binance wallet and vice versa internally. It’s coming next week!”
It is important to note that WazirX service requires KYC to use the coin. It is an Indian company, with a list of founders and official address. They offer a broad list of cryptocurrency services, including P2P trading, IEO private sales, and access to Indian crypto traders. This is your personal crypto Shantaram journey if you know where to start.
The order book of WazirX consists of more than 80 altcoins, including the top assets, as well as the marginal ones. The users are sending deposits (and will be able to trade) in Tether (USDT) or Indian Rupee. WazirX’s unique engine of trade matching is called WazirX Peer-to-peer. It picks the different traders and auto-matches them, in the form of trade advice.
Binance Buys Mumbai-based Startup in 2019
During the steady growth of interest to Indian Rupee (INR), more people look for ways to deposit or withdraw cash. The crypto economy is the thing long-serving Indians on a harsh path of an unstable economy. Binance management knows where the fat markets are, that’s why they bought WazirX in November 2019.
Rumors were saying the deal was worth $5 or even $10 million. The startup is convenient for Indians because it is situated in India. Local regulations don’t use full force here. Indians could send their Rupee as ordinary payments and receive such payments back. The government only have to properly collect taxes.
Let us also remind you that in January 2020, Binance announced that WazirX would become the next project on its Launchpad. In accordance with its traditional scheme, this IEO took place in a lottery format. The lottery started on January 4 and continued till February 3.