Forex and Crypto News

Binance announced the acquisition of CoinMarketCap

14:30 02 April /2020

Binance cryptocurrency exchange officially announced the acquisition of CoinMarketCap, a popular cryptocurrency data aggregator. The amount of the transaction was not disclosed. A possible deal worth $400 million was previously reported by The Block.

As Frank Chaparro of The Block noted, the deal is noteworthy in that it is one of the largest acquisitions in the industry, as well as a deal that takes place amid a global decline in mergers and acquisitions.

The fact is that Zhao does not care about the current situation,” one of The Block sources said. “One of the founders was offered to buy CoinMarketCap, and he took a chance. He does not care about the current situation because he has a long-term vision.”

Zhao said that Binance and CoinMarketCap are very similar, as they both want to make crypto assets more accessible and useful for people around the world. Zhao added: "This acquisition will allow us to use each other's strengths, and will also contribute to the further development of the industry."

According to Zhao, the deal was closed on March 31, although an oral agreement was reached "a few months ago."

Zhao declined to name the deal but confirmed that CoinMarketCap was Binance's largest acquisition to date.



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