Binance acquires Coinmarketcap
Global exchange giant Binance has announced that it recently completed the acquisition of CoinMarketCap, the world’s largest cryptocurrency data tracking site for an undisclosed sum.
Commenting on the acquisition, Changpeng Zhao (CZ), founder and CEO of Binance, said that the acquisition has been in the works for some time, and was driven by the shared vision of making crypto assets more accessible and useful for people around the world. CZ said:
The acquisition will enable us to build on each other's strengths, and further grow and instill transparency in the industry.
The announcement emphasises that Coinmarketcap "will continue to be run as an independent business entity", and that:
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.
As part of some underlying restructuring which reportedly formed part of the transaction, CoinMarketCap founder Brandon Chez is stepping down as CEO, but will remain as an advisor. CoinMarketCap’s current Chief Strategy Officer Carylyne Chan has been appointed as the interim CEO.
However, there have been questions raised over how CoinMarketCap's perceived independence will change by having Binance wholly own the site. Only time will tell.