Binance Acquires CoinMarketCap

Hey ninja’s, how’s the trading going? The world’s largest cryptocurrency exchange, Binance, has reportedly reached an agreement to acquire CoinMarketCap, one of the most known and referenced crypto data website. The deal was made public on the 2nd of April, though the details of the deal and its cost to Binance remains undisclosed due to a non-disclosure agreement, the acquisition of CoinMarketcap is rumored to have cost Binance $400 million. 

The founder and CEO of Binance, Changpeng Zhao, stated that Binance and CoinMarketCap are very similar and both share a vision of ensuring that cryptocurrencies are useful and can be easily accessed by people around the world and the acquisition would enable both companies to build on each other’s strength. 

Both companies have reportedly been in conversation about the deal for months before closing in April. Zhao also stressed that the deal will not affect CoinMarketCap independence from external stakeholders. He noted that CoinMarketCap will continue to function as an independent entity providing accurate and timely cryptocurrency data while benefiting from Binance’s resources. 

However, CoinMarketCap will undergo some internal restructuring. As part of the deal, the founder and CEO of CoinMarketCap Brandon Chez will be stepping down and his position will be filled by CoinMarketCap current chief strategy officer Carylyne Chan. Zhao stated that apart from appointing a new CEO the firm will not undergo any other major changes for the next couple of months.   

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