Binance is in the final stages to acquire CoinMarketCap. The crypto exchange is seeking to pay up to $ 400 million for the deal.
31 March, 2020 | AtoZ Markets – Binance is one of the largest cryptocurrency exchanges in the world, now looking to close a large new deal. According to the news outlet Block, Binance is in the process of finalizing to acquire the world’s largest crypto data tracking site, CoinMarketCap. The deal will cost the exchange 400 million dollars. The deal is expected to be announced this week. Once concluded, this would make it one of the most significant acquisitions in the field of crypto.
Binance 5th Massive Acquisition
At the start of the year, Binance CEO Changpeng “CZ” Zhao said there are two acquisitions underway which he is “very enthusiastic about.” They are “major” and will have a “significant impact,” CZ said at the time. The CoinMarketCap operation could be one of these two operations.
Note that CoinMarketCap has not yet raised external funds and is “fully trapped,” said Carylyne Chan, chief strategy officer of CoinMarketCap, last October. “We do not intend to raise funds soon. We can continue to start and develop our activities at this stage,” said Chan at the time.
Besides, the CoinMarketCap acquisition will be Binance’s fifth major acquisition. Among the previous massive acquisitions that hit the headlines was the data analysis platform for decentralized applications, DappReview, based in Beijing. Apart from that, Binance has also acquired a major Indian crypto exchange, WazirX, a JEX futures and derivatives exchange, a crypto wallet for mobile, called Trust Wallet. It also made a major investment in the Chinese press agency Mars FInance.
CoinMarketCap Traffic Is Higher Than Binance
CoinMarketCap is one of the most popular crypto data aggregator, with 207.2 million visitors in the past six months, according to SimilarWeb. Binance, on the other hand, has attracted 113.8 million visitors in the past six months. CoinMarketCap traffic is 80% higher than Binance. CoinMarketCap founded in 2013 by anonymous Brandon Chez, in Delaware, in the United States.
Binance remains the most visited crypto exchange with around 22% of traffic share. It competes with Coinbase, which holds a share of around 21%.
But many people think it is still a perfect decision from Binance’s point of view. They claim that data is essential and that connecting a data site to the Binance ecosystem can only help the exchange. It could even help its BNB coin, as Binance itself is getting stronger, as the community speculates.
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