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Binance acquires CoinMarketCap

Binance acquires CoinMarketCap

Binance acquires CoinMarketCap

Binance today announced the acquisition of CoinMarketCap.

The financial terms of the acquisition were not disclosed. However, CrunchBase reports the deal size at $400 Million in Cash and Stock.

Founded in 2013, CoinMarketCap provides transparent crypto assets tracking data to the cryptocurrency community, enabling users to form conclusions and interpretations.

Executive Opinion

Binance CEO, Changpeng (CZ) Zhao, said, "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."

Founder of CoinMarketCap, Brandon Chez, said, "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 have shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap, and I am thrilled to be passing the baton on to Carylyne and the CoinMarketCap team to continue fulfilling my original vision of showcasing the crypto revolution."

Binance and CoinMarketCap

CoinMarketCap will continue to run as a separate company. Post-acquisition, CoinMarketCap will get its new Interim CEO as Carylyne Chan, the current Chief Strategy Officer.

Despite the acquisition, CoinMarketCap will remain independent entity without any influence from Binance. At the same time, CoinMarketCap rankings will not be influenced by Binance operations, notes the announcement.

The announcement further notes the upcoming CoinMarketCap's informational offerings such as futures, options, lending and more value-added data analytics and tools.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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