April 21, 2024

Binance cryptocurrency exchange buys CoinMarketCap resource for $ 400 million

Binance cryptocurrency exchange buys CoinMarketCap resource for $ 400 million

Cryptocurrency exchange Binance is in final negotiations to acquire crypto tracking portalCoinMarketCap, reports The Block.

According to sources familiar with the situation, the amounttransactions can be up to $ 400 million, which makes it one of the largest in the cryptocurrency space to date. It is expected to be announced this week.

In early January, Binance CEO Changpen Zhao announcedthat his company is negotiating two major acquisitions. CoinMarketCap was founded in 2013 and is the most popular cryptocurrency rate aggregator. Over the past 6 months, it has attracted 207 million visitors, while Binance - 114 million.

Binance cryptocurrency exchange buys CoinMarketCap resource for $ 400 million

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According to sources, it’s the abilityCoinMarketCap attracted significant volumes of traffic interested in the company. Binance, in turn, is the most visited among all cryptocurrency exchanges with 22% of the total volume, surpassing Coinbase by one and a half percent.

Binance cryptocurrency exchange buys CoinMarketCap resource for $ 400 million

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Over the past year, Binance has acquired bothat least nine companies, but publicly reported only a few of them. These include DappReview, a decentralized app collection startup, the WazirX Indian crypto exchange, and the JEX derivative platform.

Largest Cryptocurrency Transactionsthe space to date are Circle’s acquisition of Poloniex for $ 400 million, Bitstamp of Belgian investment firm NXMH for about $ 400 million, Coinbase startup Earn.com for $ 120 million, and Kraken Crypto Facilities platform for $ 100 million.

Binance cryptocurrency exchange buys CoinMarketCap resource for $ 400 million

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