Foreign media: Binance plans to acquire well-known data service provider CoinMarketCap for $ 400 million

The Block was informed that Binance is in the final stages of negotiations to acquire CoinMarketCap (CMC), a well-known data provider in the cryptocurrency space.

Foreign media: Binance plans to acquire well-known data service provider CoinMarketCap for $ 400 million

People familiar with the matter told The Block that the cryptocurrency exchange is looking to pay up to $ 400 million for the transaction.

The acquisition includes cash plus stock, and the transaction is expected to be announced this week. Upon completion, this will be one of the largest acquisitions in the crypto space.

Other terms regarding the acquisition remain unclear.

Earlier this year, Binance CEO (CZ) Zhao Changpeng (CZ) said he was "very excited" about two acquisitions. CZ said at the time that these were "significant" and would have a "significant impact". The acquisition of CoinMarketCap may be one of these two deals.

According to data from SameWeb, CoinMarketCap (CMC) is the most popular provider of encrypted data aggregation services, attracting 207.2 million visitors in the past six months. On the other hand, Binance has attracted 113.8 million visitors in the past six months. CoinMarketCap traffic is 80% higher than Binance traffic.

People familiar with the matter told The Block that CoinMarketCap's ability to attract large amounts of traffic was one of the main reasons for the acquisition. CoinMarketCap was established in 2013 by the anonymous Brandon Chez in Delaware, USA.

traffic

On the other hand, Binance is still the most visited cryptocurrency exchange with a traffic share of approximately 22% of the market. It goes hand in hand with Coinbase, which has a roughly 21% share.

image-1143x675

Binance has been buying wildly in recent years. Last year, the cryptocurrency exchange acquired at least nine companies, but only a few were publicly announced. These include wallet provider Trust Wallet, blockchain data startup DappReview; Indian cryptocurrency exchange WazirX and the lesser-known derivative platform JEX in Seychelles.

Screen-Shot-2020-03-31-at-8.44.44-AM

Source: The Block Reasearch

In summary, to date, other large-scale acquisitions in the crypto market include Circle's acquisition of crypto exchange Poloniex for $ 400 million, Bitstamp's acquisition by Belgian investment company NXMH for approximately $ 400 million; Coinbase's acquisition of $ 120 million Earn.com; and Kraken's acquisition of Crypto Facilities for $ 100 million in 2019.

MA-21

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

What are the chances of decentralized exchanges completely replacing Binance and Coinbase?

This article will compare three common centralized trading features and contrast them with their decentralized coun...

Market

FTX Latest Debt and Asset Summary How much money is owed and how much debt can be repaid?

Wu said the author | Cat Brother this issue editor | According to the latest court documents on September 10th, as of...

Blockchain

Indian crypto exchange lifts ban: trading volume soars 6-fold, is it global buy?

Text | Li Zheweng Sources | PANews The Indian exchange Koinex, which failed to survive the cold winter, fell in the h...

Blockchain

Number said | In the first half of 2019, blockchain private placement financing of 11.851 billion yuan exceeded 60% of funds invested in the US market

As the cryptocurrency undergoes the “Bear Bull” conversion, the blockchain private equity financing mar...

Blockchain

WIRED Investigating the Mysterious Hacker Incident on the Day of FTX Bankruptcy

Author | Wired Translated | Wu Shuo Blockchain Original Link https//www.wired.com/story/ftx-1-billion-crypto-heist/ w...

Market

What impact does BlackRock's submission of a physical Bitcoin ETF application have on the industry?

According to a public document, on the afternoon of June 15th, New York time, investment management giant BlackRock s...