Binance is set to acquire CoinMarketCap for up to $400 million
Binance, one of the largest crypto exchanges, is planning on announcing an acquisition of CoinMarketCap in a cash-and-stock deal worth up to $400 million later this week. The deal would be one of the largest acquisitions in the crypto industry, on par with Circle's $400 million acquisition of Poloniex in early 2018. The deal will be the first outside investment the company has taken on, having been entirely bootstrapped up until now.
Why it matters
- Binance already drives more traffic than any other exchange according to SimilarWeb, albeit Coinbase is a very close second. With the help on CoinMarketCap, which has driven over $200 million viewers in the past 6-months, Binance could take a decisive lead.
- This deal marks at least the 10th acquisition Binance has made since the start of 2019. CZ announced in his 2020 message that there were two future acquisitions he was specifically excited about that would be announced in due time. This is likely one of them with the next yet to come.
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