Binance bids $400 million to acquire CoinMarketCap
Binance remains on the road of acquisitions and crypto-investments. We’ve seen the largest exchange by traded volume invest in the innovative crypto-derivatives exchange FTX and acquire the top Indian crypto-exchange WazirX. The latest seems to be none other than CoinMarketCap for a whopping $400 million.
The data-aggregator is by far the most used by crypto-enthusiasts regardless of its flaws. According to Alexa, the site is ranked #570 worldwide in internet engagement whereas Binance stands much lower at #1,696.
Earlier this year, Changpeng Zhao (CZ), CEO and founder of Binance, shared his “2020 New Year Message" that there are two major acquisitions they are looking to make throughout the year because as the saying goes “if you can’t beat them, buy them”. One of those is likely to be this CMC acquisition that will help Binance expand further and mainstream crypto trading and investing to the masses. In 2019 alone, Binance had made 9 acquisitions with only some of them being publicly announced, one of which is WazirX.
While there are multiple reputable cryptocurrency exchanges for users to choose from, none of them has been the same level and Binance when it comes to global adoption and mainstreaming crypto investing.
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