Binance Officially Confirms Its Acquisition of CoinMarketCap

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by Jeff Fawkes · 4 min read
Binance Officially Confirms Its Acquisition of CoinMarketCap
Photo: Binance Blog

Binance acquires CoinMarketCap ‘to make crypto more accessible worldwide’. CoinMarketCap CEO is stepping down to spend time with family. Binance CEO claims he will make sure that CMC data is following the industry standards and needs.

Binance is one of the three biggest exchanges in the crypto space. CoinMarketCap (CMC) is one of the most popular crypto tracking tools on the web. They had more than 200 million visitors per last 6 months.

Per the official announcement, CoinMarketCap has gone through a hefty of improvements before going on such a big step. Now, Binance’s inner experts, as well as tech infrastructure, will help to handle the tasks more quickly. Binance CEO Changpeng Zhao claims that CMC specialists have sustained a strong spirit and mind. They are finally ready to join the Binance family, which typically picks the best:

“The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency, and user-focus. 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.”

Binance Excited to Work with CoinMarketCap Analysts

CMC is the most cited source when it comes to the cryptocurrency, blockchain and Bitcoin data. Since its inception, the company remained independent from large venture capital. The founder was anonymous, and the company developed solely thanks to numerous partnerships and cool, minimalistic design. CMC page lacks distracting elements and loads very quickly into the browser window.

CMC and Binance will continue operations as separate entities. The acquisition will not impact the companies in any way. Per the press release:

“CoinMarketCap pledges to continue providing the highest level of information integrity by ensuring data accuracy and improving its ranking methodologies. To enrich the decision-making process of its users, the company recently launched a new Liquidity Metric and added derivative market data, new rating metrics, and analytics from trusted partners. CoinMarketCap intends to expand its information offerings to include trading products such as futures, options, lending, and more value-added data analytics and tools.”

Brandon Chez Steps Down as CoinMarketCap Director to Focus on Family

Coinmarketcap.com is the creation of Brandon Chez, an anonymous individual from Delaware, United States. He will quit the company to focus on his family after seven years of hardcore work. Maybe, he also in fears of coronavirus and want to spend these uneasy days with his dear ones. Brandon Chez stated:

“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to echoe in our own user-focused philosophy at CoinMarketCap.”

Carylyne Chan, CSO at CMC, says that the opportunity to work with Binance gives the company insane level up:

“Ever since our humble beginnings in 2013, we have been public about our commitment to remaining neutral by avoiding censorship and judgment of projects or exchanges that we list, preferring to let users make their own decisions based on the data. …The Binance team has been unequivocal in ensuring that we can continue to adhere to our methodology without prejudice.”

Changpeng notes that he will make sure that CMC and Binance will build innovative tech together:

“For many, CoinMarketCap is the landing page of our industry, and like Binance, it has built its community around user trust. We plan to empower CoinMarketCap to continue to build innovative, useful products for its users and the global community.”

Per the recent reports, Binance CEO Changpeng Zhao was considering this expansion (reportedly worth $400 million) a long time ago. All because of the possible traffic increase. CoinMarketCap gains 80% more in pure traffic than Binance, despite it’s not a trading platform, they mine data.

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Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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