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India’s crypto exchange WazirX adds BUSD

Image by WazirX

Fri, 17 Apr 2020, 01:40 am UTC

India’s crypto exchange WazirX has added a new stablecoin on its platform.

WazirX announced on its blog that it just added Binance USD (BUSD) on its platform making it the first exchange to do so in India. Following the listing, users can now deposit, withdraw, buy, sell, and trade BUSD.

Users can deposit BUSD (ERC20) from another wallet to WazirX. Users can also withdraw BUSD from WazirX to another wallet. Meanwhile, buying, selling and trading will be coming soon in the INR market.

Just recently, Binance made BUSD and Tether (USDT) available for instant purchase using Visa debit and credit cards. Through Binance Visa card, users can purchase a range of cryptocurrencies using fiat including Bitcoin (BTC), Ethereum (ETH), BNB, and Ripple (XRP).

Earlier this year, the Supreme Court overruled the Reserve Bank of India’s (RBI) crypto ban. Following the said move, the crypto sector in India has started to grow. More Indians are showing interest in bitcoin and other cryptocurrencies. Several crypto exchanges also offer to lower their fees.

“We lowered our USDT fees to make it zero fees for transfer to Binance,” said WazirX CEO Nischal Shetty. “So effectively maximum users in India now enjoy 0 fee USDT transfer from WazirX to Binance and for other withdrawals, the fee has been lowered to 1.5 USDT. We’re planning to lower withdrawal fees for other tokens as well over time.”

However, not everyone does it. For instance, Coindcx believes that it already offers competitive pricing, so it doesn’t have to lower its fees.

“We have been competitive since [the] start as a policy as we believe in crypto adoption. As we have been maintaining the best price, compared to some competitors, we didn’t have to bring the fees down,” said Coindcx Co-founder and CEO Sumit Gupta.

Meanwhile, crypto exchange Kraken also said that it will be expanding its services in India. The firm said that it will recommit its resources to grow its service in the country.

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