- Binance Makes $400M Bid For CoinMarketCap
- The deal is set to be announced this week
According to The Block, cryptocurrency giant Binance is set to acquire crypto price tracker CoinMarketCap for up to$400M.
According to The Block, the deal is in the final stages. The deal will most likely be a cash-and-stock acquisition.
In January 2020, Binance CEO CZ stated that there are a few major acquisitions that Binance is every excited about. CoinMarketCap looks like one of them.
What is CoinMarketCap?
CoinMarketCap is a cryptocurrency information database. The company tracks live prices and statistics for over 5,000 cryptocurrencies and over 20,000 different markets. CoinMarketCap is the leader in crypto information, pulling in over 40M visits a month.
Why is This Significant?
This deal is significant for several reasons.
The $400M acquisition will easily be one of the largest in the cryptosphere. An acquisition of this size is almost unprecedented in the cryptocurrency and blockchain world, with the majority of blockchain companies worth less than that.
As the saying goes, when you can’t beat them, buy them. And this is definitely true for all of our acquisitions. When we identify top talent with a top product that we can’t beat, and the teams share common values, a merger makes sense in most case– CZ CEO of Binance in Binance 2020 New Year Message
This acquisition would prove to be very strategic for Binance as it is already a hub for crypto information with Binance Academy. With CoinMarketCap Binance will also offer accurate price reporting and tracking information as well as APIs for other blockchain businesses. Binance has also started to become a larger player internationally with the launch of Binance.US
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