Binance buys CoinMarketCap for $400 million - News -

Binance buys CoinMarketCap for $400 million

Estimated Duration Of Reading : 1 ' 51 ''   Publish Time : 2020-04-01 16:01:12
Editor : Said Murat
Category : Technology

Known as the largest cryptocurrency exchange in the world, Binance is very close to buying CoinMarketCap. 

As we heard from the unofficial sources (yet), the value of the agreement between the companies is exactly 400 million dollars. Preparing to sign one of the largest purchases in the industry, Binance is expected to make the official statement within a few days.

CoinMarketCap, one of the most popular data tracking platforms of the cryptocurrency world, is going to be under the roof of the cryptocurrency exchange Binance for $400 million. Binance, who is learned to be in the final stage of purchasing negotiations, can make the official announcement this week.

While other details of this agreement, which will be one of the biggest purchases in the cryptocurrency industry, remain unclear, there is no explanation regarding the issue either from Binance or from the CoinMarketCap, but we estimate that this silence will not last too long.

According to SimilarWeb, CoinMarketCap is the world's most popular cryptocurrency price and data tracking platform with 207.2 million visitors in the past six months. Providing support for more than 100 cryptocurrencies, Binance has attracted 113.8 million visitors in the past six months. The current traffic of CoinMarketCap is 80 percent more than Binance's traffic.

On the other hand, Binance remains the most visited crypto exchange with a 22 percent share of traffic. Coinbase, which has a 21 percent share, is in a race that breaks down and wants to increase its competitiveness in the sector with its CoinMarketCap move. However, the acquisition brings with it the controversy that CoinMarketCap may overshadow its neutrality.

Binance CEO Changpeng Zhao issued the signals of the acquisition earlier this year

Binance, which bought nine companies last year, made public only four of them: Trust Wallet, JEX, WazirX and DappReview. Circle's acquisition of Poloniex in exchange for 400 million in 2018 was recorded as the largest purchase in the cryptocurrency industry to date. Changpeng Zhao, CEO of Binance, said in a statement earlier this year that they will make two new purchases in 2020. It seems that one of these will be CoinMarketCap. 

We will continue to inform you in case of new developments regarding the subject.