Binance Successfully Acquires CoinMarketCap in an Undisclosed Deal
Binance / CoinMarketCap
The cryptocurrency exchange Binance unveils the acquisition of the crypto-data tracking website CoinMarketCap. The CoinMarketCap will work as an independent under the umbrella of Binance, but there will be no influence at all in listing and other matters.
All sectors, including the financial sector, come under the pressure of the Coronavirus outbreak, and a disturbing image is displaying everywhere. On the contrary, the crypto world is booming ignoring the global turmoil as one of the largest acquisitions in the crypto world happens today.
Out of both, no one reveals the amount of deal that for how much Binance acquired the CMC. It is rumored before the agreement of the confirm deal that they accomplished this big acquisition in crypto history in $400 million. Changpeng Zhao, the CEO of Binance, conveyed that they cannot disclose the real amount per the agreement non-disclosure policy.
Both Share the Same Vision
Zhao advocate that both companies share the same vision of making cryptocurrency more popular and useful than ever across the world. Now, it will be done in a better way, and the crypto world will see its fruit as a result.
Binance CEO said:
‘’The acquisition will enable us to build on each other’s strengths, and further grow and instill transparency in the industry.’’
However, both companies will work together sharing the same goal of crypto-access to users, but CoinMarketCap will do its operations independently with no bias and pressure. Zhao clarified his stance on CMC’s independence:
‘’Binance has no bearing on CoinMarketCap rankings. CoinMarketCap stays committed to providing the most accurate, timely and quality cryptocurrency data in the industry while benefiting from Binance’s expertise, resources and scale.’’
Chief Strategy Officer to Interim CEO
The current chief strategy officer, Carylyne Chan, will be the new interim CEO of the CoinMarketCap. She, in a letter to CMC’s users, said,’’ both Binance and CoinMarketCap have a similar vision of making cryptoassets more accessible and systemically important to users globally, and providing the most accurate, timely and quality cryptocurrency data and services in the industry.’’
‘’CoinMarketCap will continue to be run independently, as an independent entity, from Binance. Decisions will be made according to the best interests of CoinMarketCap, meaning that we will continue to develop products and services that benefit CoinMarketCap users, and continue working with partners and customers in a way that benefits them and brings the greatest value to them,’’ she added.