Both these exchanges are from where I acquire my cryptos which I generally store in Atomic wallet and Celsius Wallet(: … So, this amalgamation between the two benefits me as well, and to hear this when there is a severe economic crisis, and most unfavorable regulatory environment in India for the cryptos, it’s just UNBELIEVABlE!!
Crypto is one of the most disliked and distanced subject of the Indian Government, that the country’s Central Bank; Reserve Bank Of India(RBI) wanted nothing to do with crypto. At around 2018 July period, the RBI banned all the banks regulated by it from offering any form of banking services to crypto exchanges. This was obviously done to deter Indians from acquiring cryptos, however exchanges like WazirX continued business bringing out Peer2Peer auto matching engine technology. People were able to still buy and sell cryptos thanks to the combination of peer2peer trading and crypto to crypto trading.
Binance is one of the World’s Largest exchanges and knowing about it’s growth history is by itself is quite amazing. The company’s CEO Changpeng Zhao, much called CZ, started Binance in a anti-crypto Nation which actually banned crypto, China and survived by shifting to crypto friendly Malta from where he developed and spread its reach to around 180 countries today!!
They set a trend by introducing new things like - decentralised exchange, dex which runs in Binance’s own blockchain called Binance Chain, Binance Launchpad from where blockchain startups can raise capital selling tokens besides initiating many more services which I don’t know of for I don’t do margin trading, or stake or lend crypto using Binance for which one earns crypto I think. Binance has it’s own multi-currency wallet Trust, and I must say I use Binance Info in the exchange website to see crypto price charts which has some basic analytics tools so I can put indicators and check charts for price analysis, it’s free.
WazirX, on the other hand, is one easy way for Indian crypto enthusiasts to buy and sell crypto, converting their USDT into fiat and vice versa through peer to peer trading.
It’s convenient, safe trading, with low fees, which enabled many Indian crypto enthusiasts to be able to do crypto trading when exchanges like Koinex closed down. WazirX, definitely deserve praise for surviving, expanding in really challenging circumstances caused by Indian Government and RBI’s stance and actions which made it really difficult for crypto exchanges to function in the country. Crypto enthusiasts and freelancers like me suffered along as well, I hope those days don’t come back, it absolutely was terrible.
Binance wants to build more fiat-crypto conversion ramps, in its Binance Fiat Gateway and that’s where WazirX’s acquisition benefits them, as WazirX’s peer to peer technology would enable Binance to provide such fiat-crypto ramps to other developing countries as well. So, together Binance and WazirX could enable other countries to easily purchase crypto through their respective fiat currency, this would definitely increase crypto adoption in the other parts of the world, which is super exciting as well!!
WazirX’s CEO Nischal Shetty and team deserve a special shout out for their active campaign called India wants Crypto.
They initiated social media campaigns on this, because at one time it was talked that the Indian Government were trying their level best to make a law that would punish any one who holds crypto in India by imprisonment(LOL). Even now, court case is on, with the Government and RBI wanting to ban crypto completely, making it illegal to hold cryptos in India. WazirX also spearheaded this campaign with an online petition which many crypto enthusiasts supported and signed. Well..the fact that India deserves crypto freedom is another topic, requiring another article(:
Next year by the first quarter of 2020, Indians can buy any crypto that’s there in Binance through INR itself as WazirX’s peer to peer trading engine would be integrated into the Binance site and working by then. That is smooth, so I can purchase VeChain or VET from Binance instead of buying BTC in WazirX and withdrawing it to Binance bearing the fees then trading this BTC for VET in Binance, it’s cumbersome. So, crypto access, thanks to both these crypto exchanges, will be easier for sure.
All images taken from - https://drive.google.com/drive/folders/1fSvZh5cqLV435ZIibHkycMlgMPEWUyJW which was shared by WazirX's article here -:
Also took screen shots from WazirX’s medium posts -