Binance acquired Coin Market Capital.jpg

Binance has acquired CoinMarketCap.

The crypto exchange has signed on the dotted line and bought the data site for an undisclosed sum; however, previous reports have suggested that it was as much as $400 million. The landmark deal was announced by Binance earlier today. According to the platform, the joining of the two "introduces some significant opportunities to grow the industry even further." Binance CEO, Changpeng Zhao, said:

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.

See also: Binance is set to acquire CoinMarketCap, the deal could be worth as much as $400 million

Even though Binance will be working more closely with CoinMarketCap, it will continue to run as an independent business entity. It goes on to note that while the exchange and its native token BNB are listed on CoinMarketCap, the two will function as separate entities, maintaining a strict policy of independence from one another.

"As part of the transition, CoinMarketCap founder Brandon Chez is stepping down as CEO, to focus on his family after seven years of running the company, but will remain as an advisor," Binance said.

Further reading:

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