Binance acquires bitcoin exchange WazirX, Technology News, ETtech

Binance, a global cryptocurrency exchange, has acquired Mumbai-based bitcoin exchange WazirX, in a significant move in the cryptocurrency ecosystem in India.

The transaction was estimated at $5-$10 million, according to sources.

Over the last couple of years, exchanges have been shutting down due to lack of a clear regulation, and this acquisition is the first major one in the space. Secondly, through this acquisition Binance is expected to foray into the fledgling Indian market, which is counted among the top exchanges globally.

ET reported earlier that WazirX launched its global operations earlier this year and its peer-to-peer and crypto-to-crypto transactions.

WazirX’s peer-to-peer (P2P) engine will be integrated into the Binance Fiat Gateway platform in the first quarter of 2020, allowing users to trade any digital asset available on Binance with the purchase of USDT or Tether, a blockchain-based cryptocurrency, from the WazirX P2P market.

“The young demographic in India gives an…