Official: Binance confirmed acquisition of CoinMarketCap for an undisclosed amount

Official: Binance confirmed its acquisition of CoinMarketCap for an undisclosed amount

While global markets are experiencing hard times due to the impact of the coronavirus pandemic, the cryptocurrency industry is becoming stronger. One of the major players in the industry has just completed the largest merger in history.

The world's leading cryptocurrency exchange Binance has reached an agreement to acquire CoinMarketCap (CMC) - one of the most used cryptocurrency data websites, for an undisclosed amount. The company officially confirmed this news with CoinTelegraph on April 2. The trading floor also announced News on his official blog today.

Changpeng Zhao, founder and CEO of Binance, said that Binance and CMC are very similar because both are providers of "access to cryptocurrencies," and have a shared vision of making electricity assets. ego becomes more accessible and useful to people around the world. Zhao said:

"This agreement will help us develop each other's strengths, and further develop and instill transparency in the industry."

Zhao revealed that the company had been negotiating with CMC for several months before ending the deal in April. Although the deal was rumored to cost Binance $ 400 million, Zhao said the company could not save. disclosing the specific amount of this agreement, as it's a contractual clause.

CoinMarketCap will operate independently

Although the two companies will work closely together, CMC will continue to operate as an independent business entity, both Binance and CMC emphasize. Zhao noted that the acquisition will not change the independence of CMC from external parties:

“Binance is not related to the CoinMarketCap rankings. CoinMarketCap is always committed to providing the most accurate, timely and quality cryptocurrency data in the industry, while still enjoying the expertise, resources, and scale of Binance. ”

However, soon CMC will undergo some internal restructuring as part of the agreement. Brandon Chez - founder of CMC, will step down as CEO and this position will be replaced by Carylyne Chan - CMC's current strategy director, as temporary CEO.

In addition to the restructuring, CoinMarketCap will not make any changes in its team in the near future, or at least the next few months. Chan told CoinTelegraph:

“In addition, there will not be any other major internal changes at CoinMarketCap. Everyone will stay and we are really excited about what's going on (...) I think there are no other major changes, certainly for the next few months. ”

CoinMarketCap remains neutral about listing projects

According to Chan, Binance will do its best to ensure that CMC can continue to follow its own listing process. The CEO temporarily said the company had no plans to change the coin listing process yet:

“We will comply with our listing requirements and ensure that everything is fair and unbiased for anyone who wants to list any project on CoinMarketCap. So we promise we won't change that after we buy it back. ”

So, what does this deal really mean?

While CMC will continue to operate independently to ensure data is neutral and transparent, Binance will make a significant contribution to CoinMarketCap's next projects and development in 2020, Chan stressed.

The exchange - currently with at least 800 employees worldwide, is expected to share its expertise in a number of areas such as finance and security. Chan emphasized that the acquisition will help CMC develop more:

“We will get a lot from Binance, including an understanding of how they better manage a team in practice. I think there are some really basic things around the security and financial issues that we will learn from Binance - based on the fact that they have a bigger team than us and have expanded effectively. much more."

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According to CoinTelegraph
Translated by ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
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