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CoinMarketCap to Remain ‘Independent’ as Binance Confirms Acquisition

Source: Adobe/mehaniq41

Significant crypto exchange Binance validated that it has actually obtained CoinMarketCap, including that the most significant crypto market information service provider will continue to be run as an independent business entity.

Both business did not reveal any other information of the offer, which is stated to be valued at up to USD 400 million.

Brandon Chez, the creator of CoinMarketCap, will be stepping down as CEO and will be changed by Carylyne Chan, the present Chief Method Officer, as interim CEO, according to journalism release. Chez is preparing to concentrate on his family after 7 years of running the business and will remain as a consultant to the business, itadded

.

CoinMarketCap stated it plans to broaden its details offerings to consist of trading items such as futures, alternatives, financing, and “more value-added data analytics and tools.”

“While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations,” both business stated.

Brandon Chez on his decision to sell:

  • “From my perspective, the single most important factor for deciding to join under the Binance umbrella was our shared vision for the future of crypto. In a world where the existing financial system is broken, inefficient, and unsustainable, there must be a better way. We both believe that global adoption of cryptocurrencies *is* that way.”

Carylyne Chan on business self-reliance:

  • “Decisions will be made according to the best interests of CoinMarketCap, meaning that we will continue to develop products and services that benefit CoinMarketCap users.”
  • “CoinMarketCap will strictly follow and enforce our independent listing criteria, circulating supply calculation methods and Liquidity Metric ranking methodology.”
  • “We will not be implementing any changes to our working relationships, even with companies deemed to be competitive with the parent company’s businesses.”
  • “While Binance will not be running CoinMarketCap in any operational capacity, they will be sharing their best practices in company-building and operation with the CoinMarketCap team.”

Binance CEO Changpeng (CZ) Zhao on his business vision:

  • “Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”

CoinMarketCap was established in 2013 and is headquartered in Dover, Delaware, according to Crunchbase.

Market information service providers ranked by sees in February:

Business Global Rank Variety Of Sees in February Modification Given That January Nation of The Majority Of Visitors
CoinMarketCap 1,733 371 million +9.11% U.S. 14.38%
CoinGecko 8,432 8.35 million +5.7% Russia 10.47%
Cryptocompare 19,453 3.2 million +3.2% U.S. 14.41%
Coinpaprika 68,848 940,000 +6.8% Poland 32.18%
Messari 226,520 210,000 -4.54% U.S. 35.72%

In January, Changpeng Zhao, CEO of Binance, exposed that the business remains in talks over 2 “major” acquisitions which “will have a significant impact.” The CEO did not define any even more at that time.

According to public records, in the last twelve months, Binance obtained 3 other business.

Date Business Market Rank Daily Trading Volume Base Offer Size
September 2019 JEX (now Binance JEX) Derivatives platform 48 Area; 296 Futures (According to Coinpaprika) USD 168.2 M Area; USD 477,320 Futures Singapore Concealed
November 2019 WazirX Crypto exchange 151 (According to Coinpaprika) USD 796,370 India Allegedly USD 5-10 million
December 2019 DappReview Database platform for decentralized applications 20,754 (Classification Rank, SimilarWeb) China Concealed

Likewise, to name a few financial investments, Binance made an undefined “strategic equity investment” into FTX, a crypto derivatives platform, in December.

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Tyler Hromadka
Tyler Hromadka
Tyler is working as the Author at World Weekly News. He has a love for writing and have been writing for a few years now as a free-lancer.

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