Today, cryptocurrency exchange Binance announced the acquisition of Beijing blockchain data startup DappReview, which has included and tracked nearly 4,000 decentralized applications (DApps) built on 13 public blockchains, including Ethereum and EOS.
DappReview is acquired to promote DApp applications
The exact amount of the acquisition was not disclosed. Viktor Radchenko, the founder of Binance Trust Wallet, said in an interview that the acquisition will help the exchange further develop its existing DApps and create new blockchain use cases.
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"In the near future, Trust Wallet will integrate the DappReview API to facilitate the exploration of new DApps and password games, and give more insights into DeFi services, analysis and use."
Binance will provide non-technical support for DappReview, including marketing and business development. The acquisition means Binance will have a wholly-owned subsidiary in China.
DappReview was established last year and raised "millions of yuan" in a Series A round of funding in June this year. DappReview founder Niu Fengxuan said:
"Next, DappReview will expand its global footprint and Binance will provide all necessary support in marketing and branding."
In an interview with Block Rhythm, Niu Fengxuan said that the acquisition "was finalized in about 2-3 months." He also stated that DappReview will continue to operate under an independent brand.
"After the completion of the acquisition, the original business of DappReview will continue to grow, and the entire management team will remain unchanged, and will continue to operate under an independent brand."
DappReview hopes to promote the application of DApp through this acquisition. Niu Fengxuan said:
"The entire DApp is still at a relatively early stage. The DApp penetration rate of currency holders is only about 2%. It is not easy to expand outside the circle in the short term. Binance's addition can expose DApps to more currency holders, helping this. Some users are converted to DApp users. "
Benny Giang, a founding member of Dapper Labs, said of DappReview:
"DappReview has been a major product in the blockchain gaming space since the beginning. They have played an important role in connecting Chinese and Western communities."
Binance exclusive response: DApp is an important track for large-scale landing of blockchain
Recently, Binance seems to have started the "buy buy buy" mode. Just last month, Binance acquired the Indian cryptocurrency exchange WazirX with a purchase value of between 5 million and 10 million U.S. dollars. In September this year, the company acquired a derivative platform JEX registered in Seychelles, and Renamed Binance JEX to provide cryptocurrency futures, options and perpetual contracts; last July, Binance also acquired U.S.-based mobile wallet company Trust Wallet, its first acquisition in its history.
In response to this acquisition, Binance officially accepted an exclusive interview with Babbitt.
Binance said that in the future, it will provide DappReview with comprehensive support in marketing, branding, and business development. DappReview can cooperate with top public blockchains in the Dapp field through Binance's ecology, as well as with Binance X, Binance Launchpad and other businesses, to attract more outstanding Dapp developers around the world, assist prospective Dapp project fundraising, and launch Businesses with more synergies with sectors such as Binance Trust Wallet and Binance Research.
"'Application on the chain' is still a missing link in the large-scale popularity of blockchain. The common goal of Binance and DappReview is to promote the application and popularity of blockchain."
As for why DappReview was selected, Binance said that just one year after its establishment, DappReview has demonstrated a strong commitment to DApps and a strong execution in building the world's leading dapps platform.
This acquisition is an important step for Binance towards the DApps ecosystem. In the future, Binance plans to launch more outstanding DApps applications.
Although Binance believes that DApps are still in their early stages, it has already formed some of the top DApps in the financial and gaming fields.
"We believe that DApp is still an important track for the large-scale implementation of blockchain. At present, whether it is infrastructure construction, user experience, or DApp content itself, there is still a long way to go before it is actually implemented."