FinancialFox – Great news for crypto ecosystem in India: Binance acquires WazirX | CEO ONE-TO-ONE

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In this special edition of the Financial Fox, host and crypto guru Stefania Barbaglio speaks with Nischal Shetty, CEO & Founder WazirX, one of India’s biggest crypto exchanges. Binance, one of the largest cryptocurrency exchanges in the world, has announced the buyout of exchange WazirX, marking its entry into the Indian market. Binance is a leading cryptocurrency trading platform with more than 100 cryptocurrencies available, considered to be the largest exchange in terms of volume. “This is not just good news for WazirX, but also great news for the crypto ecosystem in India,” says WazirX CEO Nischal Shetty about the recent announcement.

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#The digital consumer market: India has one of the largest unbanked populations in the world, but also one of the largest numbers of smartphones in the world: cryptocurrencies act at the heart of this disparity. The country has more than half a billion internet subscribers, making it one of the most important for digital consumers. “The next phase of mass adoption for cryptocurrencies 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.”

#Crypto controversy in India: A ban on cryptocurrencies issued by the Indian Central Bank, RBI, has caused many Indian-based exchanges to move operations to crypto-friendly countries such as Singapore, Hong Kong and Switzerland. Nevertheless, the Indian government has acknowledged and welcomed the advantages of implementing blockchain technology into systems. It is reported that approximately half of the states in India have integrated blockchain projects into their administrations to optimise various public services.

#IndiaWantsCrypto: Nearly a year ago, Nischal Shetty appeared on our show to talk about the difficult relationship between Indian regulators and pro-blockchain businesses. Nischal started the campaign #IndiaWants Crypto to get the attention of businesses, regulators and campaigners. Shetty believes that implementing positive regulations and allowing Indian people to integrate the digital currency economy will bring wealth and millions of jobs, creating a big boost for the national economy.

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