The major cryptocurrency exchange Binance announces major acquisition of one of the most popular websites in the crypto news, CoinMarketCap. In times when global markets are experiencing tough times amid the coronavirus pandemic, crypto seems to be getting stronger as its core players have tapped on one of the biggest mergers in history.
Known as the world’s biggest cryptocurrency exchange, Binance announces major things after it apparently reached an agreement to acquire CoinMarketCap, which is one of the most referenced crypto data websites out there. The deal is undisclosed and the companies officially announced the acquisition and spoke to the media on April 2.
The founder and CEO of Binance, Changpeng Zhao, noted that Binance and CMC are in fact very similar as they are both providers of “access to crypto” and both share a vision of making crypto assets more accessible and useful for people around the globe.
“The acquisition will enable us to build on each other’s strengths, and further grow and instill transparency in the industry,” the popular CZ said.
Zhao also told the altcoin news websites that the company has been in talks with CMC for some time now (a couple of months) before they closed the deal in April this year or practically yesterday. Even though this acquisition is rumored to have cost Binance a whopping $400 million, Zhao noted that the company cannot disclose the amount of the deal as it is protected by a non-disclosure agreement (NDA).
The good thing as Binance announces major takeover on CoinMarketCap, is the fact that CMC will continue to operate independently. Zhao stressed this, pointing out the following:
“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.”
The founder of CoinMarketCap, Brandon Chez, will however step down as CEO and will be replaced by the current chief strategy officer at CMC, Carylyne Chan who will be an interim CEO.
Everyone is going to stay on and everyone is really excited about what’s happening. […] I think that no other major changes that we see, definitely not in the next couple of months,” Chan told the media.
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