Binance buys CoinMarketCap
The cryptocurrency exchange Binance is about to buy CoinMarketCap. It is stated that the stock exchange made a bid of $ 400 million for this.
The cryptocurrency exchange Binance is reportedly negotiating to purchase the cryptocurrency price and data tracking platform CoinMarketCap, and negotiations are about to be completed.
Binance will pay $ 400 million to CoinMarketCap for the deal, according to the news that The Block is based on knowledgeable sources.
The deal is expected to be announced this week, and if completed, it will be one of the biggest purchases in the cryptocurrency space.
Changpeng Zhao, CEO of Binance, said that they will make two acquisitions earlier this year in 2020, which he was very excited about. It is noted that one of the two agreements mentioned by Zhao, describing them as “big” and “will have a significant effect”, may be CoinMarketCap.
According to SimilarWeb data, CoinMarketCap has received 207 million visits in the last 6 months and is the 1733th most visited site in the world. However, Binance’s number of visits in the last six months is 113.8 million. The traffic of CoinMarketCap is 80 percent more than Binance.
CoinMarketCap is said to be one of the main reasons for the purchase of large amounts of traffic. The platform was founded in 2013 by an unknown American whose nickname is Brandon Chez.
9 companies bought last year
Binance made an aggressive purchase last year. The company incorporated 9 companies, but only a few of them were made public. These companies were Trust Wallet, JEX, WazirX and DappReview.
On the other hand, the largest purchases to date in the cryptocurrency field were the $ 400 million deal that Circle made with Poloniex and the $ 400 million deal that NXMH made with Bitstamp. Others belonged to Coinbase and Kraken. Coinbase paid $ 120 million for Earn.com and $ 100 million for Crypto Facilities.
Finally, among the crypto exchanges, 20.3 percent of internet traffic is Coinbase and 21.7 percent is Binance. These two exchanges are very close to each other and take the biggest share from the cake. Binance’s acquisition of CoinMarketCap will enable the exchange to clear the gap with Coinbase.