The latest buzz in the cryptocurrency sphere is the Binance purchasing CoinMarketCap news that is circulating on the crypto media.
Per the latest development, the crypto exchange, Binance is in its last stage of talks for acquiring CoinMarketCap. For this deal, Binance is willing to pay approximately $400 million. The news comes at a time when the cryptocurrency market is hit by COVID-19 just as the global economy.
Moreover, it is expected that this deal would be announced this week. It is believed that upon completion of this deal, it would be one of the largest acquisitions in the crypto world.
Is Binance purchasing CoinMarketCap?
A few months back, chief executive officer (CEO) of Binance Changpeng “CZ” Zhao stated that there were two acquisitions in progress, and he was thrilled about them. Moreover, he said that those acquisitions were huge and would have a substantial impact. It is likely that the CoinMarketCap deal can be one of those deals that he mentioned.
In October 2019, chief strategy officer, Carylyne Chan stated that thus far CoinMarketCap has not raised external funding and is totally bootstrapped. Furthermore, it was stated that CoinMarketCap had no intention to raise any funds any time soon, as they could continue bootstrapping and scaling.
Reportedly, the ability of CoinMarketCap to attract a considerable amount of traffic is one the key factor for acquisition. CoinMarketCap was founded by Brandon Chez in Delaware, U.S.A, back in 2013.
Traffic Statistics chart by Similar Web
While Binance is the most visited crypto exchange with almost 22 percent of traffic share. Per SimilarWeb’s data, CoinMarketCap is the most prominent crypto data aggregator, drawing about 207.2 million visitors in the past six months. While Binance managed to drew 113.8 million visitors in the past six months. The traffic of CoinMarketCap is 80 percent more than Binance.
If Binance purchasing CoinMarketCap rumor actually comes through, it would be a great success for the cryptocurrency exchange while on the other hand, CoinMarketCap has neither denied nor confirmed the news at the time of writing. We will keep you posted if there is further development.
This is a developing story. Please visit again for further updates…