Binance Plans to Buy CoinMarketCap
Main page News, Cryptocurrency Exchanges

Binance, one of the world's largest crypto exchanges, is acquiring CoinMarketCap, The Block has reported.

The platform is reportedly in the final stages of negotiation and would be willing to pay around $400M.

The deal, which will become one of the largest acquisitions in the crypto industry, will probably be announced later this week.

Binance CEO Changpeng Zhao said earlier this year the platform was negotiating two major acquisitions that would have a big impact on the crypto sphere. It looks like the purchase of CoinMarketCap would be one of these two acquisitions.

CoinMarketCap is a crypto market monitoring service that has received around 207.2 million visits over the last 6 months, according to data provided by SimilarWeb.

Binance might have decided to buy the resource in order to increase the traffic on the platform.

Binance acquired at least nine companies during 2019, but did not publicly report about all its purchases. Some of the acquisitions include the blockchain data startup DappReview, the Indian crypto exchange WazirX and the derivatives platform JEX.

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