Binance Acquires Coinmarketcap for an Undisclosed Price

Binance has confirmed that it is acquiring CoinMarketCap after AtoZ Markets first reported the deal on Tuesday.

April 2, 2020 | AtoZ MarketsAfter days of rumors within the community, the long-anticipated deal between Binance and CoinMarketCap has been officially announced. The company behind the biggest crypto exchange by volume has acquired the popular data tracking website for an undisclosed price.

Binance acquires CoinMarketCap

Binance announced the news earlier today in a press release seen by AtoZ Markets. According to the document, both companies will “together pursue their common vision of making crypto assets more widely accessible and useful to users globally.”

Despite operating jointly, however, both entities will maintain a strict policy of independence from one another. Meaning that Binance will have no bearing on CoinMarketCap’s rankings. At the same time, the latter will not influence any of the exchange’s operations, the announcement explained.

Binance CEO, Changpeng Zhao (CZ), believes that both parties will thrive from this partnership because of their similar values:

“The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency, and user-focus. Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”

CMC making internal changes

The announcement also revealed the first change in CoinMarketCap’s internal circle. CMC’s founder Brandon Chez is stepping down from his Chief Executive Officer position but will remain as an advisor. Carylyne Chan, the current Chief Strategy Officer, will replace him as the new interim CEO of the company.

“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times.” – said Chez before stepping down.

He also endorsed Chan, saying that she will “continue fulfilling my original vision of showcasing the crypto revolution.”

What do you think about Binance acquisition of CoinMarketCap? Let us know what you think in the comment section below.

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