Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly acquired CoinMarketCap (CMC), the most popular crypto data site. The deal, which is said to be worth $400 million, was confirmed by CMC in a blog post on Tuesday.
“We are excited to announce that Binance has acquired CoinMarketCap. This is an important step forward in our mission to make crypto more accessible to everyone,” CMC said in the blog post.
Founded in 2013, Binance has quickly become the most dominant force in the crypto industry. The exchange is known for its wide selection of coins, low fees, and fast transaction speeds.
It also has a thriving ecosystem of spin-off projects, such as its own blockchain network (Binance Chain), a decentralized exchange (Binance DEX), and a fiat-to-crypto exchange (Binance USD).
With the acquisition of CMC, Binance now has control of one of the most visited sites in the crypto space. According to Alexa traffic data, CMC is currently the 459th most popular website in the world and the 14th most popular website in the United States.
The acquisition is a strategic move by Binance to further consolidate its position as the top cryptocurrency exchange. CMC provides valuable data and resources that will be valuable to Binance users.
NOTE: This is not a warning note. It is an informational note. Please be aware that Binance has not purchased CoinMarketCap, and this is a rumor that is circulating in the cryptocurrency community. There is no evidence to support this rumor, and it should be taken with a grain of salt. Please do your own research before investing in any cryptocurrency or related products.
For example, CMC lists prices and market capitalizations for more than 5,000 cryptocurrencies. It also offers a variety of tools, such as a portfolio tracker and a mobile app.
In addition, CMC has built up a large community of crypto enthusiasts over the years. Its social media channels have nearly 1 million followers combined.
This will give Binance access to a new pool of potential customers.
The acquisition is also likely to help Binance attract more institutional investors. CMC is one of the few crypto data sites that is widely trusted by financial institutions.
Its inclusion in Bloomberg Terminal’s list of price sources is evidence of this fact.
The deal between Binance and CMC is still subject to regulatory approval. If approved, it will likely close within the next few months.
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