The World’s largest exchange in terms of volume, Binance, is all set to acquire one of the most visited websites in the cryptocurrency space Coinmarketcap.This deal could be announced this week.
Binance is likely acquiring Coinmarketcap for $400 million. This acquisition makes it one of the largest acquisitions in the cryptocurrency space. The other terms of the deal remain unclear.
Coinmarketcap is one of the most visited websites in cryptocurrency space. According to Similarweb, 30-40 million people visit the website monthly. It is speculated that Binance is acquiring Coinmarketcap to drive traffic to their exchange.
Binance, on the other hand, remains the most visited crypto exchange with about 22% traffic share. It is in a neck-and-neck competition with Coinbase, which has a share of about 21%.
Binance is on an acquisition spree, acquiring companies that will most likely help them become a monopoly. The list of acquisitions includes – Trust Wallet, popular DApp review website – DApp Review, Indian cryptocurrency exchange – WazirX and the latest Coinmarketcap.
On January 3rd, CZ said that Binance has 2 major acquisitions planned for 2020. The Coinmarketcap acquisition could be one of them.
Overall, other largest crypto deals to date include Circle’s acquisition of Poloniex for $400 million; Bitstamp’s acquisition by Belgium-based investment firm NXMH for around $400 million; Coinbase’s acquisition of Earn.com for $120 million; and Kraken’s acquisition of Crypto Facilities for $100 million in 2019, among others.
Binance and coinmarketcap acquire news link
MARCH 30, 2020
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