Crypto exchange platform Binance to acquire CoinMarketCap for US$400M

Date: 2020-04-01   Author: Pankaj Singh  Category: #news

Crypto exchange platform Binance to acquire CoinMarketCap for US$400M

Binance is set to acquire CoinMarketCap- a website that provides cryptocurrency market cap charts, rankings and more. Reportedly, the transaction is valued at US$400 million and would marks one of the largest acquisitions in the crypto industry.

According to Carylyne Chain, Chief Strategy Officer at CoinMarketCap, the company has never raised any external funding and is completely bootstrapped.

For the record, CoinMarketCap is a leading crypto data information provider witnessing more than 207.2 million visitors in the last six months. On the other hand, Binance recorded approximately 113.8 million visitors in the past six months. The website traffic of CoinMarketCap is 80% more than that of Binance.

Notably, Binance is one of the leading crypto exchange platforms with nearly 22% traffic share. It faces extreme competition from Coinbase which accounts for a 21% traffic share.

As per reliable sources, last year Binance purchased close to nine firms but only a few were announced publicly. The acquired companies included- blockchain data startup DappReview, wallet provider Trust Wallet, Seychelles based derivatives network entity JEX and Indian cryptocurrency network WazirX, among others.

However, the largest crypto transaction to date includes the acquisition of Poloniex by Circle for approximately US$400 million, Kraken’s purchase of Crypto Facilities for US$100 million in the year 2019 and Coinbase’s acquisition of Earn.com.

Incorporated 2017, Binance is a global cryptocurrency exchange that offers a platform for trading to more than 100 cryptocurrencies. The company records an average daily volume of 2 billion.

In recent news, the company is set to launch Binance KR- a cryptocurrency trading platform in South Korea with the help of Binance Cloud. The cloud platform allows the users to develop their exchange in the marketplace by relying on the infrastructure of the crypto. Binance KR is set to begin operations from April 4, 2020.

 

Source Credits:

https://www.theblockcrypto.com/post/60371/binance-is-set-to-acquire-coinmarketcap-the-deal-could-be-worth-as-much-as-400-million



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Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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