Binance Exchange Confirms CoinMarketCap Acquisition Information
Binance cryptocurrency exchange this Thursday officially confirmed the information that appeared earlier on the acquisition of the tracking portal CoinMarketCap.
“The core DNA of CoinMarketCap is directly aligned with the morality and culture of Binance, from objectivity to the values of freedom, transparency and user-centricity, – said Binance CEO Changpen Zhao. “Our shared vision will be underpinned by this acquisition to further enhance transparency in the industry. This way we can take advantage of each other’s strengths and together act as infrastructure providers in the world of cryptocurrencies. “.
Binance notes that CoinMarketCap will continue to function as an independent entity. “Binance does not affect CoinMarketCap ratings, while CoinMarketCap does not affect Binance’s performance,” she writes..
CoinMarketCap founder Brandon Chaz will step down as CEO to serve as a consultant, and will be temporarily replaced by Chief Strategy Officer Carilyn Chan.
In its post, Binance did not elaborate on the details of the deal. According to The Block, its preparation has been going on since November 2019, and the final signing of the agreement took place on March 31. According to one of the sources, the deal was worth about $ 300 million, while earlier it was reported about $ 400 million. Presumably, the calculation was made in the form of equity participation and BNB tokens.
Sources also report that Binance is going to substantially overhaul CoinMarketCap’s commercial model, ditching ads in favor of monthly fees from exchanges listed on the platform..
“CZ is not worried about the current market conditions,” the source said. “One of the founders offered him a deal, and he seized the opportunity. He is not worried about the current conditions because he looks far ahead. “.
The deal between Binance and CoinMarketCap is believed to be one of the largest in the cryptocurrency space to date..
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