Binance’s WazirX acquisition a ‘beacon of hope’ for Indian crypto-ecosystem

Binance, one of the world’s largest cryptocurrency exchanges, is undoubtedly one of the most fast-paced entities in the crypto-space. Over the past few years, the exchange has recorded tremendous growth in terms of the number of people availing the platform’s services, as well as with respect to the list of services provided by the exchange itself. The leading crypto-platform grabbed the attention of the entire Indian crypto-community after it announced the acquisition of WazirX, one of India’s leading exchanges, amidst the uncertainty of the market in the country.

Just this week, former Finance Secretary, Subhash Chandra Garg, opined that while currencies would be digital, cryptocurrencies, themselves, would not “survive.” In a blog post, Garg spoke about three major factors that would contribute to its so-called end, with one of them being the classification of cryptocurrencies, the question of whether it is a commodity or a currency.

Even before the…