Binance, the world’s largest cryptocurrency exchange by trading volumes, has acquired Indian cryptocurrency exchange WazirX to serve over 1 billion people of the country.
Announced Thursday, the acquisition will allow Indians to buy and sell cryptocurrencies with local fiat currency Indian rupees (INR), starting Nov. 25.
WazirX CEO Nischal Shetty told The Block that Binance now owns 100% of WazirX, but did not disclose the price details due to a non-disclosure agreement. The price is reportedly in the range of $5-$10 million.
Shetty added that all 20 members of WazirX will now be employed by Binance, but the former will continue to run independently and focus on its mission “to involve every Indian in the crypto revolution.” Read More...