Global crypto leader Binance is in the final stages of a move to acquire price checking platform CoinMarketCap.
It’s believed the multinational exchange company is willing to pay as much as $400 million for the deal, with an announcement expected later this week.
When completed, it would make the deal one of the largest acquisitions in the crypto space alongside Circle’s $400m acquisition of Poloniex, and Bitstamp’s acquisition by Belgium-based investment firm NXMH for around the same price.
It’s not clear at this stage the terms of the deal, but the news relates back to Binance CEO, CZ’s reference to acquisitions earlier this year.
The CEO, who moves at the speed of light, said he was ‘very excited’ about two acquisitions that were in the pipeline. He went on to say, they were ‘major’ and would create a ‘significant impact.’
Well no doubt this news and the takeover itself is huge for Binance and the crypto space in general.
CoinMarketCap was launched and founded by Brandon Chez in 2013, and is now the most popular crypto data aggregator in the crypto space. It’s the go to platform for most people in crypto and averages 37 million users a month.
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Binance only launched in 2017, but quickly became the biggest exchange in the cryptocurrency space. Originally launching in China, Binance has spread its wings and is now a truly global empire with bases in Japan, Taiwan, Malta, Jersey UK, Bermuda, the US.
This will be the latest in a series of acquisitions for the biggest cryptocurrency company in the industry. Last year, they acquired at least nine companies, including Trust Wallet, blockchain data startup DappReview, Indian exchange WazirX.
It’s testament to the speed and decisiveness that CZ operates as to how Binance has grown. Sure he has circumvented the regulatory hurdles some other exchanges chose to deal with, but just the sheer speed at which it has grown is unbelievable really.
CoinMarketCap dwarfs the users Binance draws but the merging of the two will help both platforms grow. This acquisition is bullish for Binance, and the fact CZ is willing to spend $400m on a crypto company, it’s got to be bullish for the crypto space, too.
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