Will Binance Grow Even Bigger After Expanding to the Subcontinent?
Binance has been growing ever since its release in 2017. It is currently #5 on Coinmarketcap's top exchanges by adjusted volume and is the exchange of choice for many. In recent months Binance has been launching separate exchanges for different jurisdictions and even made a high-profile acquisition. This of course refers to Binance's recent acquisition of WazirX, India's most popular Bitcoin & cryptocurrency exchange.
Binance Introduces an Indian Rupee Fiat Gateway
Just earlier today Binance have announced a real game changer. It will receive Indian Rupees as a one of the deposit options. While the process is a bit complicated, it opens the doors for fiat deposits to the world's second most populated country. Indian users will be able to purchase USDT with Rupees on Binance, later they will be redirected to WazirX and then back to Binance for trading.
It seems that India is still a cash-based society with many
on the subcontinent preferring it to alternatives. Additionally, seeing that
India is home to a massive population of roughly 1.3 billion people having a Rupee
fiat gateway seems like a great idea. All an Indian client would need to do is wire funds or possibly use a credit card to fund their account.
This move is also something that could pump smaller and less known altcoins on Binance due to their lower price.
The only problem looming is the possible treat of a cryptocurrency ban by the Indian government.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado